PostFinance is rumored to be developing its first crypto offering. The Swiss Post subsidiary has strategically identified cryptocurrencies as a growth area and included them in its strategy, according to an internal source. As a first step, the retail bank is supposed to enter crypto trading and custody.
The impressive march of blockchain technology through international banking institutions has been evident in recent years - at least in the United States. JP Morgan, Goldman Sachs, Citibank, Fidelity and more; the list of U.S. financial institutions offering services and research in the field to their clients barely ends. However, in Switzerland, the home of the so-called Crypto Valley, systemically important banks have been hesitant. PostFinance is putting an end to that, according to an internal source.
Cryptocurrencies as a growth area
The private-law stock corporation owned by Swiss Post also clearly classifies the topic of digital assets as omnipresent. Its innovation division VNTR has already been investigating the area for several years and the good experience with Yuh - a partner project of PostFinance and Swissquote - sealed the deal. The retail bank is expected to enter the growth market itself, according to the executive board's decision.
PostFinance's independent crypto offering will primarily include trading and custody of cryptocurrencies, with talks involving external partners already in progress. Under the leadership of Alexander Thoma, its customers should have access to digital assets by early 2024 at the latest. Unless announcements are made by other major Swiss banks in the near future, the retail bank is likely to lead the way.
Easy trading directly with the local bank
The management sees the entry into the new market field as a great opportunity. According to them, it would be impossible to imagine the financial world without the topic, but the secure and convenient access to the cryptocurrency markets is missing in some respects. Many Swiss people have wished for easy trading at their local bank. This wish will soon become reality.
"Despite the current market corrections, our management is also convinced about the success of this offering. [...] Our customers want access to this market directly from their principal bank. The increasing institutionalization of the last 18 months has meant that now is the ideal time to enter this market." - Hansruedi Köng and Sandra Lienhart, PostFinance Executive Board
