Swiss Government Bank Launches XRP, ADA, SOL, AVAX & DOT Trading

Highlights

• Swiss government-owned bank PostFinance has expanded crypto offerings.
• The bank has added XRP, Cardano, Solana, Polkadot, and Avalanche trading services.
• The Swiss bank will also enable custody services for these cryptocurrencies.

PostFinance, a Swiss government-owned bank, has expanded its cryptocurrency offerings, according to a recent announcement. The bank has launched Ripple (XRP), Solana (SOL), Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT) trading services. Moreover, this move is part of PostFinance’s ongoing strategy to integrate digital assets into its services.

PostFinance Expands Crypto Offering With XRP, ADA, SOL & Others

In April 2023, PostFinance partnered with Sygnum Bank to provide regulated crypto services. This collaboration allows PostFinance customers to buy, store, and sell cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) using Sygnum’s B2B banking platform. Moreover, at the time, Fritz Jost, Sygnum’s chief B2B officer, emphasized that this partnership represents a significant step towards broader adoption of digital assets in Switzerland.

Moreover, recently, the bank announced the launch of XRP, AVAX, ADA, SOL, and DOT trading on its platform. Furthermore, the Swiss bank also noted that it will offer custody services for these cryptocurrencies. The announcement read, “We now also offer the 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 shown strong development activity, often surpassing Ethereum in GitHub submission rates. This highlights their ongoing innovation and robust developer communities.

Moreover, Charles Hoskinson, founder of Cardano, acknowledged PostFinance’s early support for Ethereum. Hoskinson highlighted the latest update on X and affirmed his longstanding positive relationship with the bank.

In a post on X, he wrote, “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.” PostFinance responded warmly, stating, “Hey there, it’s always nice to see old friends! We are pleased that Cardano now forms part of our crypto offering.”

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Swiss Crypto Adoption Soars

Switzerland has been at the forefront of crypto adoption, with its “Crypto Valley” in Zug becoming a hub for blockchain innovation. The Swiss government and financial institutions have embraced digital asset. This promoting a regulatory environment conducive to blockchain development.

In addition, PostFinance’s initiative reflects this national trend towards integrating cryptocurrencies into traditional banking. As of now, PostFinance, the fifth-largest financial services firm in Switzerland, serves over 2.5 million customers. By incorporating these additional cryptocurrencies, the bank aims to offer a more diversified and comprehensive crypto trading and custody service. This reinforces Switzerland’s position as a leader in the global digital asset space.

Moreover, Switzerland is also emerging as an AI hub lately. With Chinese firms moving to Switzerland, the latter has shown immense potential for growth in the AI and digital assets sector. However, the nation has also maintained regulatory scrutiny on the crypto assets space to keep activities in check.

In another significant update, the City of Lugano in Switzerland inaugurated “Plan ₿ Biz School” to teach students about Bitcoin and its potential. Moreover, the school conducted its first in-person class on Monday, July 1. This indicates that country’s crypto participants have rallied efforts to increase awareness about the digital assets world.

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