- 25 July 2022
- Posted by: Cryptovalues
- Category: Companies, Cryptovalues News
Switzerland is among the countries that have a high level of cryptocurrency adoption, demonstrating with facts that it is a step ahead of many countries in the Old Continent.
Remember that in some cantons it is even possible to pay taxes in bitcoin and some of the major cryptocurrency companies have expressed interest in establishing offices in the Swiss cantons.
In May 2021, PostFinance, the state-owned company that runs the Swiss Post Office, launched an app called Yuh that allowed people to invest in 13 selected cryptocurrencies thanks to an agreement with the Swiss broker Swissquote, and for buying and selling digital currencies it charges a 1% commission.
PostFinance is the fifth largest retail bank and has identified digital assets as a strategic growth area considering that customer demand for cryptocurrency trading continues to grow.
The bank intends to enable its 2.69 million customers to buy, sell and hold Bitcoin and a wide range of other cryptocurrencies within the next few years and cryptocurrency offerings will be available by early 2024.
The bank’s head of retail banking, Sandra Lienhart, said the bank’s customers wanted direct access to the market using their own bank.
It is thought that PostFinance’s launch of this feature will encourage more people to buy Bitcoin and access the cryptocurrency space from an independent platform.
Besides PostFinance, other traditional banking companies that have embraced cryptocurrencies include Goldman Sachs, JPMorgan, Fidelity, Julius Baer and LGT Bank.
At the end of June 2021 BBVA (Banco Bilbao Vizcaya Argentaria), a Spanish multinational banking group with a strong regional origin, opened bitcoin trading to all private banking clients in Switzerland.
In December 2021, it added Ethereum to its cryptocurrency custody and trading service, enriching the offering for the bank’s Swiss office.
Switzerland once again in pole position in the digital sector.