PostFinance, the Banking Division of Swiss Government, Launches Trading Services for Cryptocurrencies XRP, SOL, ADA, DOT, and AVAX

Expanding its cryptocurrency offerings to clients, PostFinance, a bank owned by the Swiss government, now includes additional digital assets beyond their original Bitcoin and Ethereum services. The bank recently launched trading and custody options for a variety of crypto assets.

The additional assets available are XRP, Solana (SOL), Cardano (ADA), Polkadot (DOT), and Avalanche (AVAX). This move is part of PostFinance’s strategy to enhance its engagement with the evolving digital asset sector.

PostFinance Expands Crypto Service Offerings

On July 2, through an announcement, PostFinance declared the adoption of an expanded range of crypto assets such as XRP, SOL, ADA, DOT, and AVAX on its trading platform and the introduction of a crypto custody service.

With the recent inclusion of SOL, XRP, ADA, DOT, and AVAX, PostFinance reflects the dynamic expansion and innovation within the blockchain environments.

Data from Santiment suggests that cryptocurrencies like Solana, Cardano, and Polkadot are engaging in more development activities than Ethereum when comparing GitHub submission rates. These blockchain platforms are recognized for their innovative growth and strong community bases.

Charles Hoskinson, the founder of Cardano, shared his thoughts on the announcement by PostFinance, reminiscing about his previous encounters with the bank during his time with Ethereum.

Initial Crypto Initiatives by PostFinance

By diversifying its offerings into the cryptocurrency sphere, PostFinance has signalled its endorsement of digital assets.

The bank established a partnership with Sygnum Bank in April 2023 to provide customers with regulated crypto services, featuring major assets like Bitcoin (BTC) and Ethereum (ETH).

Additionally, in collaboration with online broker Swissquote, PostFinance launched the mobile application Yuh in 2021, granting customers the ability to transact in various crypto assets, as well as ETFs, among others.

Switzerland has embraced the crypto movement, most notably with its renowned ‘Crypto Valley’ in Zug, creating an ecosystem conducive to the growth of blockchain technologies.

Furthermore, PostFinance has successfully integrated digital asset solutions into its traditional banking services, offering a comprehensive array of crypto trading and storage options to its sizable customer base.

As a result of PostFinance’s broadening crypto services, Switzerland could potentially emerge as a central hub for digital assets, playing a significant role in the global digital asset landscape.