Swiss bank PostFinance, owned by the state and the country's fifth-largest financial institution, said it is ready to provide its 2.5 million customers with a whole set of crypto services. For starters, users will be able to buy, store and sell major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). There are plans to expand the range of digital assets and transactions related to them in the future. According to Philipp Merckt, PostFinance's chief investment officer:
"Digital assets have become an integral part of the financial world and our clients need to have access to this market".
PostFinance, one of the largest financial institutions in the Swiss Confederation, will launch its cryptocurrency programme with Sygnum Bank, a digital asset service provider that holds a banking licence granted by Swiss regulators four years ago. PostFinance is also a subsidiary of Swiss Post and was designated as a systemically important bank in Switzerland by the Swiss National Bank in September 2015.
Former Goldman Sachs CEO Raoul Pal said that difficulties with cryptocurrency regulation in the US would push US banks supporting the industry to transfer their operations overseas.
Raul Pal, a former Goldman Sachs executive and CEO of Real Vision, recently suggested that the difficulties arising from regulation of cryptocurrencies in the US will push US banks supporting the industry to transfer to other parts of the world.
