PostFinance, one of the largest financial institutions in Switzerland, has announced that it now offers trading and custody services for several cryptocurrencies, including AVAX, Cardano (ADA), Polkadot, XRP and Solana (SOL).
This development marks a significant milestone for these digital assets, particularly XRP and ADA, as they gain further recognition and accessibility, despite regulatory hurdles in the past.
Charles Hoskinson, the creator of Cardano, responded to the news by highlighting PostFinance’s early support for Ethereum, a project he was involved with before founding Cardano. Hoskinson noted that PostFinance had been one of Ethereum’s first banking partners, emphasizing the positive and cooperative relationship they had enjoyed.
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. https://t.co/w9jCTXDeeH
— Charles Hoskinson (@IOHK_Charles) July 1, 2024
What’s up with crypto in Switzerland?
PostFinance, which operates as the financial services unit of Swiss Post, plays a crucial role in the financial landscape of Switzerland. With a reputation as a reliable and secure banking service, the institution’s decision to include these cryptocurrencies reflects the growing acceptance and integration of digital assets into mainstream finance.
Switzerland’s regulatory environment for cryptocurrencies is relatively permissive, treating them as assets. The legal and regulated status of exchanging and custodying basic cryptocurrencies, such as Bitcoin, ensures compliance with anti-money laundering regulations.
However, certain tokens, particularly utility ones, may be subject to stricter securities regulations, requiring specific licenses for activities, such as asset management or banking with crypto.