Swiss Government-Owned Bank PostFinance to Offer Customers bitcoin and ether

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Quote from: Frankolala on April 12, 2023, 09:54:17 AM

This is a good initiative by the Swizz to give access to customers a means of purchasing bitcoin. It is good news,since it has shown that bitcoin adoption is full approved in the country, which is a plus to the bitcoin community.

I don't like the idea of customers leaving their coins with the bank for safety because it is not how bitcoin should be store. This means that the bank will be in custody of their bitcoin,just the way that they are in custody of customers fiat currency. This banks are funny and are only after making money from customers which is not right. I just hope that anybody that buys bitcoin from the bank should transfer it to his noncustodial wallet, to keep his coin safe

I think having legal reasons to be able to do this is a good way of doing business. After all we are talking about law that prevents many nations from doing something like this and it looks like they could potentially do it here. I know that it is going to be a hard one but that doesn't mean that all of the world can't do it. I know that it is going to be an easy one but I think it is going to end up with something much better when the time comes.

I hope that people would finally pressure their congress to get crypto be accepted in banks as well, that's something we direly need nowadays, if banks start making money from crypto then that means they will not fight against it and bribe the politicians to make it more public.

avikz

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Switzerland is a global hub for storing black money. That's how Swiss banks make money. So it's unsurprising that they promote cryptocurrencies, especially from a government-funded bank. Alternatively, US and many other governments have stayed strong against black money so they are resisting cryptocurrency. It's nothing wrong as every government has certain values and principles they stand for.

It's a piece of good news for the crypto community in EU but means nothing for the rest of the world. Because Swiss banking is expensive and can't be accessed by any Tom, Dick, and Harry. So I am unsure of the impact this will bring to the crypto market. But the news is a net positive I would say.

electronicash

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it's a better initiative. there are just 2 ways anyway either banning or just adopting crypto. they should realize that BTC is not going away. we're all seeing the effect of what's happening in the global financial crisis which its BTC that is winning.

their government takeover credit suisse, there could be a chance that the bank will also apply the same. another good news i guess.

concept2

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Quote from: Husires on April 06, 2023, 10:12:07 AM

Switzerland's goal appears to stand in contrast to what is happening in the United States, where the ultimate goal appears to be a concerted effort to crack down on cryptocurrency.
It seems that their motive for this is that they notice that there are a large number of financial flows to cryptocurrency exchanges and instead of blocking them, it is better to provide a better and regulated service, which is better for everyone.

Source https://www.coindesk.com/business/2023/04/05/swiss-government-owned-bank-postfinance-to-offer-customers-crypto/

PostFinance is really stepping up their game by getting into crypto! And teaming up with Sygnum Bank, who's been in the game for four years, just proves it's legit and regulated. Their 2.5 million customers now have even more options for their money with access to top cryptos like bitcoin and ether. This move was partly due to peeps ditching traditional banks for the digital asset class, so PostFinance is smart to keep up with the times. They're showing they're not afraid of new technology, and I respect that.

Frankolala

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This is a good initiative by the Swizz to give access to customers a means of purchasing bitcoin. It is good news,since it has shown that bitcoin adoption is full approved in the country, which is a plus to the bitcoin community.

I don't like the idea of customers leaving their coins with the bank for safety because it is not how bitcoin should be store. This means that the bank will be in custody of their bitcoin,just the way that they are in custody of customers fiat currency. This banks are funny and are only after making money from customers which is not right. I just hope that anybody that buys bitcoin from the bank should transfer it to his noncustodial wallet, to keep his coin safe

joniboini

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Quote from: Zaguru12 on April 08, 2023, 11:16:25 PM

We also know how banks could get into financial trouble and some just have to close down there by putting the crypto funds in the bank in danger just like centralized exchanges. Should also the government decide tomorrow to have a change of heart and probably hit cryptocurrency with a ban they could just easily confiscate the crypto assets and also endanger the investors privacy. Banks can only offer crypto services but storing ones coins there isn’t advisable.

I think banks would definitely stop offering crypto-related services if the government ban them. It would be stupid and such a scummy move if they just decide to confiscate crypto from the banks if they never stated that crypto is illegal. As for how some banks got into trouble recently, crypto is not really the reason as far as I know, just poor decision-making from the management in general. At the end of the day though, while I won't be surprised if they change their tune again, I do think they won't claim deposited crypto unless they want protests to happen frequently.

Quote from: Don Pedro Dinero on April 08, 2023, 10:58:52 PM

Michal Saylor told an anecdote about how a subsidiary of Bank of America went from telling him that not only could he not buy bitcoin there, but that they could not even talk about it, to offering bitcoin trading and custody services. As much as it departs from Satoshi's initial idea, I prefer the latter.

I also think it is inevitable that Bitcoin will be treated as assets like gold and silver. Regardless of how satoshi envisioned the future to be, people will always have different ideas. At the end of the day, as long as people are aware of the risk, I believe most of them will adjust their plans accordingly. Some, if not all will stop being reliant on a third party if they want full control over their wealth sooner or later imo. If they're not convinced then hopefully they don't get screwed if the banks decide to go bankrupt and lost their money.

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Quote from: Husires on April 06, 2023, 10:12:07 AM

Quote

PostFinance, Switzerland’s fifth-largest financial services firm, says it will begin offering its users access to cryptocurrency, thanks to a partnership with regulated digital asset services provider Sygnum Bank.

PostFinance, which is owned by the Swiss government, will start by providing its 2.5 million customers access to buy, store and sell leading cryptocurrencies such as bitcoin (BTC) and ether (ETH), with more crypto-tokens to be added in due course.

Switzerland marches to the beat of its own drum and stands in stark contrast to places like the U.S., where a concerted effort to stamp crypto out seems to be the end goal. Crypto-focused Sygnum, which attained a banking license from Swiss regulators some four years ago, caters to a range of institutions, including Cantonal banks and private banks.

“Digital assets have become an integral part of the financial world, and our customers want access to this market at PostFinance, their trusted principal bank,” said PostFinance Chief Investment Officer Philipp Merkt in a statement. “A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.”

The decision by PostFinance to branch into crypto was partly driven by outflows from retail banks in Switzerland into the digital asset class, according to Fritz Jost, chief B2B officer, Sygnum Bank.

Switzerland's goal appears to stand in contrast to what is happening in the United States, where the ultimate goal appears to be a concerted effort to crack down on cryptocurrency.
It seems that their motive for this is that they notice that there are a large number of financial flows to cryptocurrency exchanges and instead of blocking them, it is better to provide a better and regulated service, which is better for everyone.
Source https://www.coindesk.com/business/2023/04/05/swiss-government-owned-bank-postfinance-to-offer-customers-crypto/

If we talk about Swiss banks, then the phrase "Nothing personal, just business!" is perfect here. I explain - if something can bring money, there is a demand, and this is not clearly prohibited - Swiss banks will earn on it! Therefore, if a client, a country with the oldest banking and financial traditions, wants to use a monetary surrogate such as cryptocurrency, such a service will be provided to you. The client satisfies his need, the banking system receives additional profit. Everyone is happy, everyone benefits

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Quote from: Gyfts on April 08, 2023, 10:42:21 PM

~snip~
Anyone that would purchase Bitcoin and leave it in the bank is not acting with due caution and unfortunately a lot of the people using crypto as investments don't understand that.

I would even conclude that most refuse to understand because it's easier that way, if only profit is at stake, then that's the only thing that matters in the end. If the bank provides guarantees and insurances for such crypto deposits, many will consider it a much better option than using CEX or non-custodial wallets.

Quote from: Don Pedro Dinero on April 08, 2023, 10:58:52 PM

On the one hand, the fact that they offer it to you at the bank, in the eyes of society, gives it a good reputation, and on the other hand, although you are right, it's like buying bitcoin on Coinbase or others and leaving it there.

I can agree with you here, because most people look for some kind of confirmation from the government, politicians or banks in order to believe that something is legitimate, and the Bitcoin logo on the door of a well-known bank is certainly a good advertisement and gives people some kind of confidence in something. The only question is whether banks want to profit only from fees, or would they also offer the possibility of withdrawals to non-custodial wallets? If that option existed, then I personally would not have anything against banks becoming part of the game.

Quote from: Don Pedro Dinero on April 08, 2023, 10:58:52 PM

Michal Saylor told an anecdote about how a subsidiary of Bank of America went from telling him that not only could he not buy bitcoin there, but that they could not even talk about it, to offering bitcoin trading and custody services. As much as it departs from Satoshi's initial idea, I prefer the latter.

If I'm not mistaken, a few days ago I saw that BOA became one of the largest owners of shares in MicroStrategy (Q1 2023), so we can say that such banks are also changing their strategy a bit, because that bank was known for its extremely negative attitude towards Bitcoin in the past.

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Quote from: Don Pedro Dinero on April 08, 2023, 10:58:52 PM

On the one hand, the fact that they offer it to you at the bank, in the eyes of society, gives it a good reputation, and on the other hand, although you are right, it's like buying bitcoin on Coinbase or others and leaving it there.

Michal Saylor told an anecdote about how a subsidiary of Bank of America went from telling him that not only could he not buy bitcoin there, but that they could not even talk about it, to offering bitcoin trading and custody services. As much as it departs from Satoshi's initial idea, I prefer the latter.

We also know how banks could get into financial trouble and some just have to close down there by putting the crypto funds in the bank in danger just like centralized exchanges. Should also the government decide tomorrow to have a change of heart and probably hit cryptocurrency with a ban they could just easily confiscate the crypto assets and also endanger the investors privacy. Banks can only offer crypto services but storing ones coins there isn’t advisable.

The only advantage this currently has is that it create more awareness of cryptocurrency to the citizens and also could help in its adoption since many will want to invest on it. But other than that it is just a way of centralizing it.

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Quote from: Lucius on April 08, 2023, 05:16:58 AM

It may seem positive to some that some banks or other financial institutions make such business decisions, but I wonder how positive it is for a client to buy Bitcoin in a bank, and leave it with the same bank for safekeeping? This type of investment actually cancels one of the fundamental principles when it comes to Bitcoin, which is that everyone should be their own bank.

On the one hand, the fact that they offer it to you at the bank, in the eyes of society, gives it a good reputation, and on the other hand, although you are right, it's like buying bitcoin on Coinbase or others and leaving it there.

Michal Saylor told an anecdote about how a subsidiary of Bank of America went from telling him that not only could he not buy bitcoin there, but that they could not even talk about it, to offering bitcoin trading and custody services. As much as it departs from Satoshi's initial idea, I prefer the latter.

Gyfts

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Quote from: Lucius on April 08, 2023, 05:16:58 AM

It may seem positive to some that some banks or other financial institutions make such business decisions, but I wonder how positive it is for a client to buy Bitcoin in a bank, and leave it with the same bank for safekeeping? This type of investment actually cancels one of the fundamental principles when it comes to Bitcoin, which is that everyone should be their own bank.

However, I also see some advantages in this way of investing, which is that the client will not (hopefully) have to do additional KYC because the bank already has it, as well as the possibility that cryptocurrencies may be insured in the same way as is the case with fiat deposits. I admit that banks can make it easier for potential Bitcoin investors, but no matter how you look at it, it's wrong to buy Bitcoin and then use custodial storage.

Anyone that would purchase Bitcoin and leave it in the bank is not acting with due caution and unfortunately a lot of the people using crypto as investments don't understand that. They treat it as a mutual fund of some sort where you can leave it to the hands of the institution and that it will be waiting for them when it's time to liquidate. I'm not against banks offering users crypto directly or including it as part of a portfolio -- I'm only hoping that people understand that it's not actually their coin unless it's under their own control.

Lucius

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It may seem positive to some that some banks or other financial institutions make such business decisions, but I wonder how positive it is for a client to buy Bitcoin in a bank, and leave it with the same bank for safekeeping? This type of investment actually cancels one of the fundamental principles when it comes to Bitcoin, which is that everyone should be their own bank.

However, I also see some advantages in this way of investing, which is that the client will not (hopefully) have to do additional KYC because the bank already has it, as well as the possibility that cryptocurrencies may be insured in the same way as is the case with fiat deposits. I admit that banks can make it easier for potential Bitcoin investors, but no matter how you look at it, it's wrong to buy Bitcoin and then use custodial storage.

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About PostFinance's decision to offer access to cryptocurrencies through Sygnum Bank is a positive development for the crypto industry and PostFinance's move to enter the crypto market reflects the growing interest in digital assets among retail banks in Switzerland. Instead of blocking financial flows to cryptocurrency exchanges, PostFinance has decided to provide a better and regulated service to meet the needs of its customers. The decision was also driven by the growing importance of digital assets in the financial world.

Switzerland, in contrast to the United States, seems to have a different approach to cryptocurrencies. While the US is focused on cracking down on cryptocurrencies, Switzerland has taken a different approach by providing a reputable and established partner like Sygnum Bank to offer its customers access to this market.

This is a measure to ensure that customers have access to a regulated and safe way of trading cryptocurrencies.

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That's really great news for us. It shows that slowly but progressively, many governments and banks, for example, the Swiss bank that is mentioned in the post, are accepting that cryptocurrency is the currency of the future. It also shows that they are somehow promoting the use of cryptocurrencies and their intentions are positive. That's another great move that they offered BTC and ETH as starting cryptos in their bank.

I hope that their mission will be successfully accomplished because there are many governments that are totally against crypto. The sad thing is that they don't show their hatred publicly. However, I believe that they are surely scared due to the decentralized nature of cryptos. But I'm still optimistic that they will also embrace crypto in the future.

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It would be impossible for them to centralized the cryptocurrencies and blockchain technology, they might control it temporarily but of course it wouldn't take long. But I respect the initiative of Switzerland by acknowledging crypto as they expand the options in improving their services to their investors. As people find more services bank give, the more customers would recognize their bank. You can't blame US with the cons of Bitcoin since still open to illegal activities and more fraud. Both country seen the potential of Bitcoin where it could open many opportunities, but unlike Switzerland, they took initiative first and seems like they could handle it since they are known for their financial sector.

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Quote from: Husires on April 06, 2023, 10:12:07 AM

Switzerland's goal appears to stand in contrast to what is happening in the United States, where the ultimate goal appears to be a concerted effort to crack down on cryptocurrency.
It seems that their motive for this is that they notice that there are a large number of financial flows to cryptocurrency exchanges and instead of blocking them, it is better to provide a better and regulated service, which is better for everyone.

They have started to understand that they can not stop cryptocurrencies. And if you refuse to offer these crypto services, the ever-increasing clients will move to other banks that offer such services. Restrictions on crypto transactions will only lead to a loss of revenue because people will always seek alternative means to deal with cryptocurrencies. And these banks need alternative sources of income or funds to avoid collapsing.

Although the bank's target is to centralize, control and exploit the crypto industry, it is a plus to the sector because it will not last forever. More people will be introduced to cryptocurrencies and some of them will embrace the sector. With more awareness, they will learn to move their coins to decentralized platforms where it is safe.

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Switzerland is known in the whole world for its banks and banking system, and while a large part of it is the reliability of its political and economic climate due to its historical neutral status, I believe another important part is its openness to new approaches. Since the bank is owned by the government, it represents an official pro-crypto approach and a reasonable view that banks and the state should focus on profits, so instead of fighting against cryptos banks can offer services to those interested in cryptos and make money.

Husires

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Quote

PostFinance, Switzerland’s fifth-largest financial services firm, says it will begin offering its users access to cryptocurrency, thanks to a partnership with regulated digital asset services provider Sygnum Bank.

PostFinance, which is owned by the Swiss government, will start by providing its 2.5 million customers access to buy, store and sell leading cryptocurrencies such as bitcoin (BTC) and ether (ETH), with more crypto-tokens to be added in due course.

Switzerland marches to the beat of its own drum and stands in stark contrast to places like the U.S., where a concerted effort to stamp crypto out seems to be the end goal. Crypto-focused Sygnum, which attained a banking license from Swiss regulators some four years ago, caters to a range of institutions, including Cantonal banks and private banks.

“Digital assets have become an integral part of the financial world, and our customers want access to this market at PostFinance, their trusted principal bank,” said PostFinance Chief Investment Officer Philipp Merkt in a statement. “A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.”

The decision by PostFinance to branch into crypto was partly driven by outflows from retail banks in Switzerland into the digital asset class, according to Fritz Jost, chief B2B officer, Sygnum Bank.

Switzerland's goal appears to stand in contrast to what is happening in the United States, where the ultimate goal appears to be a concerted effort to crack down on cryptocurrency.
It seems that their motive for this is that they notice that there are a large number of financial flows to cryptocurrency exchanges and instead of blocking them, it is better to provide a better and regulated service, which is better for everyone.

Source https://www.coindesk.com/business/2023/04/05/swiss-government-owned-bank-postfinance-to-offer-customers-crypto/

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