Crypto: Swiss Post’s Banking Division Is Building An Internal Crypto Custody Platform

Switzerland’s fifth-largest banking institution plans to launch an independent cryptocurrency trading and custody service for its clients.

The Swiss Post Office is getting ready to launch cryptocurrency trading through its banking division, PostFinance, as the demand for custody increases in the nation.

In the next two years, an internal trading and custody service will allow the 2.6 million customers of PostFinance, the country’s fifth-largest bank, to buy and sell Bitcoin and other cryptocurrencies.

According to local media site Swissinfo, by 2024 at the latest, the executive board of the Post Office’s banking division plans to offer direct access to cryptocurrency markets through a private service run by PostFinance.

It represents the institution’s most recent effort to provide its customers access to cryptocurrency.

To create the Yuh mobile application, which allows users access to conventional shares and stock exchanges as well as more than 25 cryptocurrencies, PostFinance teamed up with the online trading platform Swissquote in 2021.

PostFinance wants to provide clients direct access to these markets, while more tech-savvy users are happy to utilize a third-party service provider like Yuh as their portal to the country’s cryptocurrency marketplaces.

Therefore, Cointelegraph contacted PostFinance to inquire about the decision and the logic behind it.

The most recent area to declare the adoption of Bitcoin, Tether (USDT), and LVGA tokens as a recognized form of payment for taxes, public services, and tuition fees for students was the Italian-speaking Swiss municipality of Lugano, which has cooperation with Tether.

The creation of a central bank digital currency has received conflicting reactions from the Swiss Central Bank (CBDC).

While its governing board was still deliberating possible hazards, Project Helvetia started to test the viability of a CBDC with local commercial banking partners.