The Post Office in Switzerland is set to start trading cryptocurrency through its banking arm PostFinance as user appetite for conservation grows in the country.
About 2.6 million users currently using PostFinance, the country’s fifth-largest bank, are expected to be able to buy and sell bitcoin and other cryptocurrencies through the internal trading and custody service in the next two years.
As reported by local media Swissinfo, the Executive Board of the Post Office banking arm intends to provide direct access to the cryptocurrency markets through a proprietary service operated by PostFinance by 2024 at the latest.
It is the latest move by the institution to give its customers access to cryptocurrencies. In 2021, PostFinance partnered with online trading platform Swissquote to develop the Yuh mobile app, which gives users access to traditional stocks and stock markets as well as more than 25 cryptocurrencies.
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While more and more tech-savvy users are content with a third-party service provider like Yuh as a gateway to the country’s cryptocurrency markets, PostFinance is looking to give customers direct access to these markets.
Cointelegraph has reached out to PostFinance to confirm the move and the reasons behind it as Switzerland continues to be a hub for cryptocurrency and blockchain adoption.
The Italian-speaking Swiss city of Lugano is the latest region to announce the acceptance of Bitcoin, Tether (USDT) and LVGA tokens as a recognized means of paying taxes, public services, and student tuition fees in partnership with Tether.
Meanwhile, the Swiss Central Bank has had a mixed attitude towards the development of a central bank digital currency (CBDC). Project Helvetia was launched to pilot the use of a central bank digital currency with commercial banking partners in the country while its board of directors was still studying the potential risks.