- A Swiss government-owned bank, PostFinance, has added ADA. AVAX, SOL, XRP and DOT to its trading and custody options.
- The move came amidst heightened speculation for AVAX and XRP ETFs.
Amid widespread crypto adoption by traditional financial institutions, PostFinance, a Swiss government-owned bank, has expanded its crypto services.
According to the latest reports, Postfinance has added custodial options for multiple altcoins, including Cardano [ADA], Ripple [XRP], Avalanche [AVAX], Solana [SOL], and Polkadot [DOT].
Through their official X (formerly Twitter) page, PostFinance shared the news, stating that,
“We now also offer the Avalanche, Cardano, Polkadot, Ripple, and Solana #cryptocurrencies for trading and custody.”
The recent move by PostFinance is a huge milestone as it expands crypto use within the traditional financial markets.
The initiative that started last year after the adoption of Bitcoin [BTC] and Ethereum [ETH] through Sygnum is now expanding to other smaller altcoins.
Through Sygnum partnerships, traders can use BTC and ETH within their transactions; with recent additions, the pool is now larger, considering the increased use of altcoins.
The traditional finance systems and other institutional investors, such as banks, are betting on possible ETF approvals for altcoins such as AVAX and XRP.
With an ETF, traditional finance will have access to institutional investments in these altcoins.
XRP, AVAX ETF rumors
Since the approval of BTC ETFs earlier this year and ETH last month, various crypto stakeholders have expressed their desire to seek ETFs for other altcoins.
The approval of BTC saw its prices soar higher to ATH, and still, with current crypto volatility, it remains well positioned to hit $100k by the end of the year.
These possibilities have brought the need for other altcoins to have their ETFs approved, and ETH was approved last month while SOL ETF is in the review process.
Source: X
Equally, there have been persistent rumors about XRP ETFs. In an interview shared on X by Altcoin Daily, the XRP president said,
“it would make a lot of sense.”
Equally, the speculations on AVAX ETF have created a market buzz, with various analysts sharing the possible benefits of such approval.
According to Jan Kimbo, AVAX would get 100x if an ETF is approved. He shared that,
“$AVAX will do 100-500x, but you won’t believe me until we are there and say.”
Read Cardano’s [ADA] Price Prediction 2024-2025
Therefore, a potential ETF approval would serve investors’ interests and ensure PostFinance stands as a leader in crypto adoption.
Thus, by addressing investors’ interests by adding altcoins that have considerable GitHub submissions, such as AVAX, XRP, DOT, SOL, and ADA, Postfinance ensures it remains a leader in cryptocurrency adoption.