Connect with us

Digital Assets

State-Owned Swiss Bank Launches Crypto Trading App    

mm

Updated

 on

PostFinance, the national postal service of Switzerland’s baking subsidiary, has collaborated with the online trading platform Swissquote to launch a stock and crypto investment app.

Introduced at a virtual event on May 11, Yuh (pronounced “yoo”) is a mobile app that enables users to save and pay funds and invest in various assets. In terms of crypto investments, the app enables access to 13 cryptocurrencies. Besides cryptos, the app offers access to over 100 of the top global stocks, including Nike, Apple, and Tesla, ETFs, and Trending Themes.

“We want to make life as easy as possible for people,” according to the CEO of Yuh Markus 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,” he added.

Swissquote provides the financial services offered in the Yuh app. The funds are deposited at Swissquote Bank Ltd in Switzerland. Users are protected by the Swiss banking and financial laws and a CHF 100k bankruptcy protection.

PostFinance announced the collaboration last year, according to SWI. The collaboration came at a time when the bank was losing clients and revenue.

Yuh Features

Yuh has a “low-to-no-fees” principle, according to the announcement: “no fees wherever possible, and low fees if these have to be charged – with full transparency at all times.” The app doesn’t have any account management and P2P transfer fees.

The transaction fee is 0.5% for buying or selling equities and 1% for cryptos, while the custody fee is 0 for both types of investments. Yuh may charge additional management fees for ETFs and trending things.  The transaction fee for currency exchanges depends on the currency pairs. For major currencies, the fee is less than 1% of the transaction amount.

Yuh also has its own crypto token called Swissqoin (SWQ). SWQ is an ERC-20 token backed by a reserve of Swiss francs.

Users can earn the token by using the different features of the app. For a deposit of CHF 500, users receive 500 SWQ. Users also earn for referrals – both the referrer and referee get 500 SWQ. For trades, users get 10 SWQ per trade and 2 SWQ per Mastercard payment.

The current value of the token is 0.01 CHF. Yuh recalculates this value every month as it reinvests 10% of subscription revenue into the crypto token. The price of SWQ is calculated by the quantity of Swissqoins and the CHF value of the reserve. At the launch, there were a total of 200 million SWQs and 2 million CHF on the reserve account, resulting in a Swissqoin value of CHF 0.01.

PostFinance

PostFinaance has over a century of banking experience. In 2020, the customer base of the bank reduced from 2.74 million to 2.69 million, and profits reduced from CHF 246 million to CHF 131 million, reported SWI.

Swissquote

Swissquote is a leading bank with over 25 years of experience. According to the bank “Digital banking is part of our DNA and we will continue to be curious, creative, and inventive.”

Salman Hassen is an environmental engineer and an avid follower of emerging tech in the energy and IT industries. He writes about blockchain tech, sustainable development, and several other personal interests.

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.