Swiss Post Banking Branch Develops Internal Cryptocurrency Custody Platform

Switzerland's fifth-largest financial institution is set to develop an independent cryptocurrency trading and custody service for its clientele.

Swiss Post is set to integrate cryptocurrency trading through its PostFinance banking arm, as user appetite for safekeeping grows in the country.

Some 2.6 million users who currently do business with PostFinance, the country's fifth-largest bank, should be able to buy and sell bitcoin and other cryptocurrencies through an in-house trading and custody service over the next two years.

As local media Swissinfo reported, the board of directors of the banking arm of La Poste intends to provide direct access to the cryptocurrency markets via a proprietary service operated by PostFinance from here 2024 at the latest.

This is the last step of the institution to allow its customers to access cryptocurrencies. In 2021, PostFinance partnered with online trading platform Swissquote to develop the Yuh mobile app, which gives users access to traditional stocks and exchanges as well as over 25 cryptocurrencies.

Related: Swiss Asset Manager Julius Baer Eyes the Potential of Crypto and DeFi

While the most tech-savvy users settle for a third-party service provider like Yuh as their gateway to the cryptocurrency markets in the country, PostFinance seeks to give customers direct access to these markets.

Cointelegraph has contacted PostFinance to confirm the move and the underlying reasoning as