Recently the post agency in Switzerland spoke about its developments in the crypto space through the PostFinance, fifth-largest bank in the country. Although crypto trading is experiencing high volatility, banking in Switzerland is not holding back from launching its crypto services by the year 2024.
The country in Europe is growing in crypto adoptions, which motivates most government entities to create a project based on technology. PostFinance will be happy to offer its 2,000,000 users the purchase, sale, and exchange of cryptocurrencies.
PostFinance will boost the use of cryptos in Switzerland
The century-old financial services unit, PostFinance, renews its activities with its partner Swiss Post to meet the wide demand for crypto services. According to bank manager Sandra Lienhart, clients at the firm want to use cryptos through dedicated service. Lienhart believes it is the right time for banking to integrate into the crypto space considering the market’s growth in the Swiss territory.
PostFinance has been offering services based on crypto technology for some time using the Yuh App. It is a section that was born from the partnership with the Swissquote banking group, which helped to become the first Swiss entity that offers to trade cryptos. The project has been running since 2017 and has worked successfully so far.
PostFinance’s crypto App and Swissquote exceeded more than $100,000,000 in revenue in 2021. This figure would correspond to a large percentage of the annual banking income.
More banks join crypto trading
Since Bitcoin reached a new historical maximum in its value for 2021, global banking entities have shown interest in the technology. PostFinance would be in the banks that accept crypto, along with JP Morgan, Julius Baer, Fidelity, Goldman Sachs, and LGT Bank that it promotes from Liechtenstein, a small country in Central Europe.
The acceptance of cryptocurrencies among each country’s main banking entities increases trust, which brings balance to the virtual market. However, no progress has been seen in the crypto scheme; rather, it feels like the technology has stalled.
But with the Swiss Po arrival, with its more than 54000 employees and all the encouragement to succeed in the crypto market, the bearish trend may evaporate and bring joy to the main tokens like Bitcoin. It is also good to remember that crypto trading will be available to more than 2.6 million registered PostFinance users, which is good for trading. The financial company will launch a complete crypto project where cards, bank accounts, solutions in AP or AR, asset management, insurance, etc., will be present.