PostFinance, one of Switzerland’s leading state banks, announced that it has significantly expanded its investments in cryptocurrencies. This move is considered as part of the bank’s strategy to integrate crypto assets into its services. Here are the developments regarding AVAX coin and other cryptos…
Move from Switzerland for AVAX coin and those cryptos
PostFinance partnered with Sygnum Bank in April 2023 to offer cryptocurrency services. Thanks to this collaboration, PostFinance customers had the opportunity to buy, sell and store cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) securely through Sygnum’s B2B banking platform. When the collaboration was announced, Sygnum’s B2B Chief Fritz Jost emphasized that this step was an important step in terms of wider adoption of crypto assets in Switzerland.
In a recent announcement, PostFinance announced that XRP, AVAX, ADA, SOL and DOT trading transactions have been launched on its platform. The Swiss bank also announced that it will provide custody services for these cryptocurrencies. “We now offer Avalanche, Cardano, Polkadot, Ripple and Solana cryptocurrencies for trading and custody,” the bank said in its announcement. He stated:
What’s in PostFinance’s range?
The addition of AVAX, ADA, DOT, XRP and SOL to PostFinance’s range of cryptocurrencies is in line with the growing interest and developments in these Blockchain platforms. According to data from analytics firm Santiment, Cardano, Solana, and Polkadot are showing strong development activity, frequently outpacing Ethereum in GitHub submission rates. This demonstrates the continued innovation and strong developer communities of these platforms.
Cardano founder Charles Hoskinson appreciated PostFinance’s early support of Ethereum. Hoskinson emphasized the long-standing positive relationship in his post on the he said. PostFinance responded warmly, saying, “Hello, always nice to see old friends! We are pleased that Cardano is now part of our cryptocurrency services.” said.
There is a “cryptocurrency valley” in Switzerland
Switzerland is at the forefront of cryptocurrency adoption, with the “Crypto Valley” in Zug becoming the center of Blockchain innovation. The Swiss government and financial institutions are positive about crypto assets, contributing to the creation of a favorable regulatory environment for Blockchain development. PostFinance’s initiative reflects this national trend towards integrating cryptocurrencies into traditional banking. PostFinance, Switzerland’s fifth largest financial services company, currently serves more than 2.5 million customers.
By incorporating these additional cryptocurrencies, the bank aims to provide a more diversified and comprehensive cryptocurrency trading and custody service. This move strengthens Switzerland’s leading position in the global crypto asset space. Finally, it seems that Switzerland has recently become an important center in the field of artificial intelligence. It is stated that with Chinese companies moving to Switzerland, the country displays a significant growth potential in the artificial intelligence and crypto asset sectors. However, despite this, the Swiss government maintains regulatory control over the cryptocurrency market to keep activities under control.
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