PostFinance Set To Launch Bitcoin Trading By 2024

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  • The fifth largest retail bank in Switzerland will allow its over two million customers to buy, sell and hold bitcoin by 2024.
  • PostFinance is not only a leading Swiss retail bank, but is also the banking arm of Switzerland’s post office.
  • The bank already partners with Swissquote for cryptocurrency services, but looks to be creating an independent platform.

PostFinance, the fifth largest Swiss retail bank and the banking arm Switzerland’s post office, will allow its 2.69 million customers to buy, sell and hold bitcoin and other cryptocurrencies beginning in 2024, according to a report from SwissInfo.

“Our clients want direct access to this market through their house bank,” says PostFinance head of retail banking Sandra Lienhart. “Given the growing institutionalization [of cryptocurrencies]] in the last 18 months, this is the ideal time to enter the market.”

In 2017, Swissquote became the first Swiss retail bank to offer trading services for bitcoin which led to an ample profit of over $104 million just last year, according to the report. This expertise led to PostFinance leaning on Swissquote in a partnership which saw the development of Yuh, PostFinance’s digital app which provided its clients access to cryptocurrencies and led to creation of. However, this announcement would seemingly place PostFinance in direct competition with Swissquote.



Source link Bitcoin Magazine

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