The PostFinance has unveiled an exciting development for its 2.5 million customers in Switzerland with the launch of a new crypto service. Now, PostFinance customers can effortlessly trade 11 different cryptocurrencies on the PostFinance platform and app with just a click, marking a significant milestone as the first systematically important Swiss bank to bring crypto trading directly to its customers.
Post Finance Customers Want Crypto-Trading Options
Recognizing a high demand among retail clients for crypto trading options, PostFinance decided to make this innovative service more accessible to its customers. Over the past years, the bank observed approximately CHF 1 billion being withdrawn by customers to invest in cryptocurrencies on other platforms and exchanges. It became evident that customers sought crypto trading options within the PostFinance platforms.
“Cryptocurrencies offer an additional investment option and are here to stay,” emphasized Philipp Merkt, Chief Investment Officer at PostFinance during the press conference on February 19th. “Our 2.5 million customers can now invest in cryptocurrencies easily and securely with their principal bank.”
Motivations behind this strategic move included “building up know-how” and recognizing the “potential of cryptocurrencies,” says Philipp Merkt.
Easy Access to Cryptocurrencies with PostFinance
In collaboration with the FINMA-regulated crypto bank Sygnum, PostFinance is now offering customers a transparent and attractive range of cryptocurrencies. The service ensures easy access to the crypto market with a low entry threshold of 50 US dollars for both individual orders and crypto saving plans. Customers can enjoy 24/7 trading through their accounts via e-finance or the PostFinance App, providing unparalleled flexibility and convenience.
Features include:
- Access to 11 cryptocurrencies including: Bitcoin, Tezos, Ethereum, Litecoin, Cosmos, and Polygon (MATIC)
- Flexible Trading: Customers can trade cryptocurrencies 24/7 from their private or savings accounts via e-finance or the PostFinance App.
- Security and Trust: PostFinance, as a trustworthy Swiss financial institution, guarantees secure access to the crypto market and compliant handling of cryptocurrency storage within Switzerland.
- Crypto Saving Plans: With a minimum investment of 50 US dollars, customers can seamlessly enter the world of crypto trading through regular investments.
- Straightforward Management: Customers can track their crypto assets at all times through e-finance and the PostFinance App.
App Functionality: A Sneak Peek
The app enables users to open an account with just a few clicks and facilitates buying and selling of 11 different cryptocurrencies, including Bitcoin, Tezos, Ethereum, Litecoin, Cosmos, and Polygon (MATIC). Additionally, the app allows users to set up multiple portfolios and monitor their performance, similar to a modern stock brokerage account.
The cost for trading is set at 0.95%, comparable to the majority of crypto exchanges and trading platforms. Additionally, there will be tiered Depot fees.
Bold Move for Swiss Banking
This initiative represents a bold move for a Swiss bank, setting PostFinance apart as a pioneer in the Swiss financial sector. Anticipating a positive industry-wide impact, we believe that other Swiss banks will likely follow suit, recognizing the changing landscape of financial services.
All these features will be available to PostFinance clients as of February 21st, 2024.