Swiss Bank Adds Support For Cardano, Hoskinson Reacts

Charles Hoskinson endorses Swiss bank Post Finance for adding Cardano and other cryptocurrencies to its trading and custody services, sparking mixed reactions.

Charles Hoskinson, founder of Cardano, recently endorsed Post Finance, a Swiss government-owned bank, on social media. He highlighted Post Finance’s early support during his Ethereum days and their recent expansion of cryptocurrency services to include Avalanche, Cardano, Polkadot, XRP, and Solana for trading and custody.

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

Post Finance announced the inclusion of the five new cryptos to its trading and custody platform. The bank acknowledged their past collaboration with Hoskinson and expressed satisfaction that Cardano is now part of their crypto offering. This move aligns with Post Finance’s history of supporting cryptocurrency ventures.

Mixed Reactions from the Crypto Community

Hoskinson’s endorsement received a variety of responses from the crypto community. Swiss nationals and meme enthusiasts generally viewed the recommendation positively. A commenter speculated about a potential partnership with Pepe, while another suggested that Post Finance explore the broader Cardano ecosystem, particularly NIKE, a memecoin associated with Hoskinson’s pet pig.

Some good news there. Next, @PostFinance should learn about the wider Cardano ecosystem, starting with perhaps our founder's pet $NIKE pic.twitter.com/TlJt59b3Ga

— MidlandLyfe (@MidlandLyfe) July 1, 2024

However, there were also negative sentiments. One commenter shared a negative experience with Post Finance, while another questioned the bank’s stability by referencing the bankruptcy of the exchange Celsius.

Crypto Service with Savings Plan Option

The latest news comes only months after PostFinance announced its shift towards embracing digital assets. On the morning of February 21, 2024, PostFinance posted it was introducing the crypto service, allowing customers to purchase or securely store an initial selection of 11 cryptocurrencies with ease. 

Customers could also establish a crypto saving plan, akin to a traditional funds saving plan, further promoting user-friendliness and transparency. 

Hoskinson Emphasizes Cardano’s Global Mission

Hoskinson’s social media activity coincided with his recent statements about Cardano’s broader mission. He emphasized the project’s global impact over token prices, reflecting on Cardano’s journey and the criticism it faces as it nears completion. His focus remains on the transformative potential of Cardano rather than its market valuation.

During these developments, Cardano (ADA) saw its price at $0.4156, reflecting a 1.70% increase in the last 24 hours and a 6.87% rise over the past week. ADA reported a 24-hour trading volume of $296,858,134, underscoring its dynamic market presence.