From crypto stamp to crypto vaults: Swiss post office embraces bitcoin
— Banking, Link, Business, Office, Cryptocurrencies, Clients, Bitcoin, Crypto, Post, Swiss — 1 min read
PostFinance is stepping up its drive to grant customers access to cryptocurrencies within the next couple of years. The Swiss banking arm of the Swiss post office already offers clients cryptocurrency exposure through its digital app Yuh. The bank appears poised to go into direct competition with its business partner with an “independent” trading and custody service by the start of 2024 “at the latest” at the beginning of 2024. Revenues from cryptocurrency trading services reached CHF102 million last year and are making up an ever-larger slice of profits at the bank. Two entities, SEBA and Sygnum that specialise in this asset class, were awarded banking licenses in 2019 but high street banks have so far been reluctant to enter the fray. Source