Swiss Government Bank PostFinance Introduces Trading for XRP, SOL, ADA, DOT, And AVAX

PostFinance, a Swiss government-owned bank, has broadened its cryptocurrency engagement and products for customers. In addition to its initial Bitcoin and Ethereum offerings, the bank launched trading and custody services for more crypto assets.

These include XRP, Solana (SOL), Cardano (ADA), Polkadot (DOT), and Avalanche (AVAX). PostFinance’s latest expansion forms part of its product strategy to deepen interaction with digital assets. 

State-Owned Swiss Bank PostFinance Expands Crypto Range Services

In an X post on July 2, PostFinance disclosed that it had added more crypto assets, including XRP, SOL, ADA, DOT, and AVAX, to its trading platform. The state-owned bank also mentioned that it has introduced custody services for crypto assets.

🚀 We now also offer the Avalanche, Cardano, Polkadot, Ripple and Solana #cryptocurrencies for trading and custody. #thinkcrypto

— PostFinance (@PostFinance) July 1, 2024

PostFinance’s recent addition of SOL, XRP, ADA, DOT, and AVAX to its crypto products reflects the increasing growth and innovations within the blockchain ecosystems.

Moreover, Santiment data has indicated that Solana, Cardano, and Polkadot have robust development activity that exceeds Ethereum’s, according to GitHub submission rates. Also, the blockchains boast innovative growth and strong communities.

Cardano’s founder, Charles Hoskinson, reacted to PostFinance’s announcement, noting his long-lasting relationship with the bank during his days with Ethereum.

💯💯 ONE OF THE FIRST BANKING PARTNERS OF ETHEREUM – THE SWISS GOVERNMENT BANK @PostFinance – LAUNCHES $XRP TRADING https://t.co/6vICLEMXyL pic.twitter.com/3W3rzzTLdc

— XRP DROPZ (@DROPZXRP) July 1, 2024

Hoskinson said, “Fun Fact: when I was at Ethereum, PostFinance was actually one of our first banking partners. They were always nice and easy to work with.”

PostFinance’s Early Engagement In Crypto

The State-owned Swiss bank has indicated its acceptance of crypto by broadening its services to include cryptocurrencies.

It collaborated with Sygnum Bank in April 2023 to introduce regulated crypto services. This partnership enabled PostFinance’s customers to access the leading crypto assets, Bitcoin (BTC) and Ethereum (ETH).

The clients could buy, sell, trade, or store BTC and ETH tokens via Sygnum’s B2B banking platform. 

In 2021, PostFinance collaborated with Swissquote, an online trading platform, to launch a mobile app, Yuh. The app offers customers access to crypto assets, ETFs, and others.

According to the bank, the software, available for Android and iOS devices, allows users to complete some crypto transactions. With the app, customers can make digital asset payments, engage in long-term savings, and invest in ETFs and famous stocks such as Tesla, Apple, Coca-Cola, etc.

Switzerland has evolved positively in crypto adoption using its “Crypto Valley” in Zug. The country has reflected more openness to digital assets by ensuring a crypto-friendly environment for blockchain growth.

Moreover, PostFinance, Switzerland’s fifth-largest financial service company, has integrated digital assets with traditional banking, bringing crypto services to its over 2.5 million customers.

The bank’s increasing range of cryptocurrency offerings creates comprehensive and diversified crypto trading and custody services for users. As other top banks embrace crypto, Switzerland could become the next crypto assets hub and a key player in the digital assets ecosystem.