Swiss Government Owned Bank Sends Live a Crypto App

A Swiss Government-owned bank namely Postfinance has developed an app that has been sent live that will allow access to its users of at least 11 cryptocurrencies of the world. Along with cryptocurrencies, the app can be used for ETFs as well. The app comes with the facilities of allowing users opportunities of investing in digital assets, settling payments, and provides for fund storage facilities. In addition, the app also comes with high-end security protocols, which were otherwise being used by the banking sector.

Postfinance is a banking company that is owned and controlled by a Swiss postal company and is owned by the Swiss Government.

Recently an application has been developed and sent live by Postfinance with the cooperation of Swissquote – an online trading entity. The partnership between the two companies was signed last year and the app has been officially sent live on 11 May 2021. Now that the application has been sent live, anyone who wishes to test run the app can download it on an internet-enabled device. The application is downloadable and workable on an android or iOS-based operating system told Postfinance.

The application has been named “Yuh”, whose primary purpose is to serve as a payment software. The users can also use it for investing funds into 11 cryptocurrencies. Furthermore, this mobile app is equipped with the features of offering funds custodial services and ETF trading as well.

For instance, if a person wishes to buy stocks of companies such as Nike, Coca-Cola, Apple, or even Tesla then the person can conveniently do so. There are more than 100 globally renowned companies’ stocks that have been enlisted with the app. However, for stocks, etc. trading, a customer would be required to invest funds through an enlisted cryptocurrency. Other than that, the customers who want to invest through hard cash will not be able to derive benefits from the Yuh app.

Postfinance told further that its customers would also be allowed to engage in crypto trading and exchange. The customers can sell, buy or even exchange 13 major cryptocurrencies of the world. Ethereum and Bitcoin too have also been included amongst the enlisted digital assets.

Markus Schwab, the CEO of Yuh, remarked that with the launch of the app, now the entire world has come within the grasp of their customers. The users are now empowered to use their funds wherever or whenever they want to without any hindrance, said Schwab.

“With Yuh, we place the entire financial world in the palm of their hands. Everyone should be free to decide when, where, and how they manage their money,” commented Yuh CEO Markus Schwab.

Schwab also told the press that the fee cap against transactions has been kept at its minimum. There will not be any hidden or post transactional charges, re-affirmed Schwab.