Swiss post office’s banking unit, the state-owned Postfinance, is reportedly preparing to enter the crypto market. “Our clients want direct access to this market through their house bank.”
Swiss Post Office’s Banking Arm to Enter Crypto Market
The banking and financial services arm of Swiss Post, the state-owned enterprise responsible for Switzerland’s postal and other essential public infrastructure services, is reportedly planning to offer its customers direct access to cryptocurrencies.
The Swiss parliament established Postfinance’s predecessor in 1906 to provide payment services to retail customers. Postfinance existed as a Swiss Post subsidiary until June 2013 when it was made a Swiss Bank. It is currently regulated and supervised by the Swiss Financial Market Supervisory Authority, (FINMA).
Through the Yuh app that it developed with Swissquote, the bank offers customers crypto exposure. “Yuh combines paying, saving, and investing in one package,” its website describes.
Postfinance’s head of retail banking, Sandra Lienhart, was quoted as saying:
Our clients want direct access to this market through their house bank … Given the growing institutionalization [of cryptocurrencies]This is the best time to get on the market in the past 18 months.
Swiss Post is the first to sell crypto stamps. First collection of crypto stamps was released in November 2021. Within five hours, they were gone.
The post office has announced the launch of Swiss Crypto Stamp 2.0. “The second crypto stamp collection will be available from selected branches and at postshop.ch from 8 August 2022, with an issue of 250,000 stamps,” according to the announcement.
There will be 10 different designs “reflecting the various values of Switzerland, such as solidarity, sustainable thinking, peace, and diversity,” the announcement continues, adding that when placed next to each other, the ten designs form a larger picture.
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