Crypto Comes to Postfinance: Innovative or Speculative?

Crypto Comes to Postfinance: Innovative or Speculative?

20 de febrero de 2024

Postfinance’s new crypto wallet feature, offers easy access to a range of cryptocurrencies through savings plans or single transactions.

Crypto
Keystone/SDA - CHRISTIAN BEUTLER

Postfinance is expanding its digital offerings by introducing a cryptocurrency service. This new feature allows customers to engage with digital currencies through savings plans or one-off purchases.

The service will initially support eleven cryptocurrencies, ensuring secure transactions and storage, as detailed in a recent press release. The aim is to make entry into the cryptocurrency market straightforward for everyone, with a minimum entry threshold of 50 USD.

Customers can set up a crypto savings plan, mirroring traditional fund savings plans and making individual purchases. This initiative collaborates with Signum, a crypto bank regulated by Finma.

The service boasts flexibility, allowing transactions to be made at any time through e-finance or the Postfinance app directly from a personal or savings account.

This introduction of crypto is not about introducing new financial instruments to hold wealth as much as it is a profit-seeking activity on the part of Postfinance. The company will no doubt be charging through the eye for conversion fees. As we have seen many banks in the past do when offering crypto.

At the same time, accruing none of the benefits crypto was initially set out to provide. Your transactions are being monitored through a centralized point in collaboration with a financially regulated intermediary. This is the furthest from anonymity crypto could be.

©Keystone/SDA

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