Kevin Helms
An Austrian economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
State-owned Swiss bank mail financing to offer customers direct access to the crypto market – Featured Bitcoin News
The Swiss Post Office’s banking unit, the state-owned Postfinance, is reportedly preparing to enter the crypto market. “Our customers want direct access to this market through their housing bank.”
The Swiss Post Office’s bank arm to enter the crypto market
The banking and financial services of Swiss Post, the state-owned company responsible for Switzerland’s postal services and other important public infrastructure services, are reportedly planning to offer their customers direct access to cryptocurrencies.
The Swiss parliament established Postfinance’s predecessor in 1906 to offer payment services to private customers. Postfinance operated as a branch of Swiss Post until June 2013, when it became a bank under Swiss law. It is currently regulated by the Swiss Financial Markets Authority (FINMA).
The bank already offers crypto exposure to its customers through the Yuh app, which it has developed together with the banking group Swissquote. “Yuh combines payment, savings and investment in one package,” the website describes.
Postfinance’s head of retail banking, Sandra Lienhart, was quoted as saying:
Our customers want direct access to this market through their housing bank… Given the increasing institutionalization [of cryptocurrencies] During the last 18 months, this is the ideal time to enter the market.
Swiss Post has sold crypto stamps. The first collection, released in November 2021, consisted of 175,000 crypto stamps. They were sold out within five hours.
Last week, the post office announced that it is launching Swiss Crypto Stamp 2.0. “The second collection of crypto stamps will be available from selected branches and on postshop.ch from August 8, 2022, with a release of 250,000 stamps,” according to the announcement.
There will be 10 different designs “that reflect the different values of Switzerland, such as solidarity, sustainable thinking, peace and diversity,” the announcement continues, adding that when placed side by side, the ten designs form a larger picture.
What do you think about Postfinance entering the crypto market? Let us know in the comments section below.
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