Tech
Swiss Bank PostFinance Introduces Trading for XRP, SOL, ADA, DOT and AVAX
PostFinance, a Swiss government-owned bank, has expanded its cryptocurrency engagement and products for customers. In addition to its initial Bitcoin and Ethereum offerings, the bank has launched trading and custody services for multiple cryptocurrencies.
Among them are XRP, Solana (SOL), Cardano (ADA), Polkadot (DOT) and Avalanche (AVAX). PostFinance’s latest expansion is part of its product strategy to deepen its interaction with digital assets.
Swiss State-Owned Bank PostFinance Expands Crypto Service Range
In a post X of July 2, PostFinance disclosed which had added more cryptocurrencies, including XRP, SOL, ADA, DOT, and AVAX, to its trading platform. The state-owned bank also mentioned that it had introduced cryptocurrency custody services.
🚀 We now also offer Avalanche, Cardano, Polkadot, Ripple and Solana #cryptocurrencies for negotiation and custody. #thinkcrypto
— PostFinance (@PostFinance) July 1, 2024
PostFinance’s recent addition of SOL, XRP, ADA, DOT and AVAX to its crypto products reflects the growing growth and innovation within blockchain ecosystems.
Additionally, Santiment data indicated that Solana, Cardano, and Polkadot have robust development activity that surpasses that of Ethereum, according to GitHub submission rates. Additionally, the blockchains boast innovative growth and strong communities.
Cardano founder Charles Hoskinson he reacted to PostFinance’s announcement, emphasizing its long-standing relationship with the bank during its time working with Ethereum.
💯💯 ONE OF ETHEREUM’S FIRST BANKING PARTNERS – SWISS GOVERNMENT BANK @PostFinance – LAUNCHES $XRP TRADE Italian: https://t.co/6vICLEMXyL photo.twitter.com/3W3rzzTLdc
— XRP DROPZ (@DROPZXRP) July 1, 2024
Hoskinson said, “Fun fact: When I was at Ethereum, PostFinance was actually one of our first banking partners. They were always nice and easy to deal with.”
PostFinance’s early involvement in cryptocurrency
The state-owned Swiss bank has demonstrated its acceptance of cryptocurrencies by expanding its services to include them.
It collaborated with Sygnum Bank in April 2023 to introduce regulated crypto services. This partnership has enabled PostFinance customers to access major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
Customers could buy, sell, trade or hold BTC and ETH tokens through Sygnum’s B2B banking platform.
In 2021, PostFinance collaborated with Swissquote, an online trading platform, to launch a mobile app, Yuh. The app offers clients access to cryptocurrencies, ETFs and more.
According to the bank, the software, available for Android and iOS devices, allows users to complete some cryptocurrency transactions. With the app, customers can make payments in digital assets, engage in long-term savings, and invest in ETFs and popular stocks such as Tesla, Apple, Coca-Cola, etc.
Switzerland has evolved positively in the adoption of cryptocurrencies using its “Cryptocurrency Valley” in Zug. The country has demonstrated greater openness towards digital assets, ensuring a crypto-friendly environment for blockchain growth.
Additionally, PostFinance, Switzerland’s fifth-largest financial services company, has integrated digital assets with traditional banking services, offering cryptocurrency-based services to its more than 2.5 million customers.
The bank’s growing array of cryptocurrency offerings creates comprehensive and diverse cryptocurrency trading and custody services for users. As other major banks embrace cryptocurrency, Switzerland could become the next cryptocurrency hub and a key player in the digital asset ecosystem.
Disclaimer: The views expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile and high-risk asset class.
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