Despite crypto's dominance over the past few years, only a handful of banking institutions have adopted it. The most recent one is PostFinance, a Swiss banking provider that has announced the company was contemplating hopping on the crypto board.
With an increasing crypto user demand, the bank began focusing on broadening its trading and custody services in this field. PostFinance believes that there is a need to venture into cryptocurrency and states that crypto trading and custody services should be available by 2024. This was confirmed by PostFinance head of retail banking Sandra Lienhart:
“Despite the current market corrections, our management is also convinced about the success of this offering. [...] Our clients want direct access to this market through their house bank. Given the growing institutionalization [of cryptocurrencies] in the last 18 months, this is the ideal time to enter the market.”
The state-owned PostFinance has been known to be actively leaning towards cryptocurrencies. Their Yuh app offers their clients to freely buy, trade, and invest in 13 cryptocurrencies, including Bitcoin and Ethereum, for as little as 25 USD. Moreover, the post office is rolling out one of the first NFT postal marks next month.
Given that all goes according to the plan, PostFinance will soon join the likes of JPMorgan Goldman Sachs, Citibank, and Fidelity, worldwide banking institutions that currently provide cryptocurrency services to their clients. With Switzerland, as one of the world's leading countries in the banking sphere, others are expected to follow.
