Swiss State Bank Launches Trading in XRP, ADA, SOL, AVAX, and DOT
PostFinance, a Swiss government-owned bank, has expanded its cryptocurrency offerings, according to a recent announcement. The bank has launched trading services for ripple (XRP), solana (SOL), Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT). The move is also part of PostFinance’s ongoing strategy to integrate digital assets into its services.
PostFinance Expands Crypto Offering with XRP, ADA, SOL and More
In April 2023, PostFinance partnered with Sygnum Bank to provide regulated crypto services. This collaboration allows PostFinance customers to buy, store and sell cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) using Sygnum’s B2B banking platform. At the time, Sygnum’s B2B chief Fritz Jost stressed that the partnership represented an important step towards wider adoption of digital assets in Switzerland.
The bank also recently announced the launch of XRP, AVAX, ADA, SOL, and DOT trading on its platform. The Swiss bank also stated that it will offer custody services for these cryptocurrencies. The announcement reads: “We now offer Avalanche, cardano, polkadot, Ripple, and Solana #cryptocurrencies for trading and custody.”
The addition of AVAX, ADA, DOT, XRP, and SOL to PostFinance’s crypto offerings aligns with the growing interest and development in these blockchain platforms. According to analytics firm Santiment, Cardano, Solana, and Polkadot have all shown strong development activity, often outpacing Ethereum in GitHub commit rates. This highlights their ongoing innovation and strong developer communities.
Additionally, Cardano founder Charles Hoskinson acknowledged PostFinance’s early support for Ethereum. Hoskinson highlighted the latest update on X and confirmed his long-standing positive relationship with the bank.
In a post about X, he wrote: “Fun Fact: Postfinance was actually one of our first banking partners when I was at Ethereum. They were always good people and easy to work with.” PostFinance responded warmly, saying: “Hello, always nice to see old friends! We’re delighted that Cardano now forms part of our crypto offering.”
Also Read: Altcoin News: Institutions Buy Solana, XRP and 2 Other Altcoins
Swiss Crypto Adoption Is Increasing
Switzerland is at the forefront of crypto adoption, with the “Crypto Valley” in Zug becoming a hub for blockchain innovation. The Swiss government and financial institutions have embraced digital assets. This fosters a regulatory environment conducive to blockchain development.
PostFinance’s initiative also 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 adding these additional cryptocurrencies, the bank aims to offer a more diverse and comprehensive crypto trading and custody service. This strengthens Switzerland’s position as a leader in the global digital asset space.
Moreover, Switzerland has also recently emerged as an AI hub. With Chinese firms moving to Switzerland, the latter has shown great growth potential in the AI and digital assets sector. However, the country has also maintained regulatory scrutiny over the crypto assets space to keep the activities under control.
In another major update, the City of Lugano, Switzerland, has opened its “Plan ₿ Biz School” to teach students about Bitcoin and its potential. The school also held its first in-person class on Monday, July 1. This shows that the country’s crypto participants are joining forces to raise awareness about the world of digital assets.
Also Read: Cardano’s Charles Hoskinson and Ripple Ex Offer Fiery Criticism of Biden’s Dementia
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Kritika has over 2 years of experience in the financial news industry. Currently working as a crypto journalist at Coingape, she has consistently demonstrated a mastery of blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of emerging trends in finance, technology, and crypto.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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