PostFinance, the state-owned company that runs the Swiss Post Office, has launched an app that allows users to invest in 13 selected cryptocurrencies.
The app is called Yuh, and is a new digital finance app from Swissquote and PostFinance dedicated to mobile banking.
Yuh can already be downloaded from the Apple App Store or Google Play Store, and anyone can open an account directly from their smartphone.
The app makes it possible to make payments, but also to make small or large investments, e.g. in more than 100 of the most popular stocks, such as Apple, Nike, Tesla or Coca-Cola, but also in ETFs or in 13 selected cryptocurrencies.
Yuh does not charge commissions wherever possible, so that there are no basic costs or fees. As for buying or selling, they are 0.5% for stocks, and 1% for cryptocurrencies.
The launch of the app is accompanied by the launch of a new Swiss “cryptocurrency”, Swissqoin, which allows users to participate in the app’s success. Anyone who opens a Yuh account and deposits at least 500 Swiss francs will receive 500 Swissqoins for free. In addition, additional Swissqoins can be earned through various activities on the app, and then exchanged with other “Yuhsers”. Yuh will regularly invest a portion of its revenues in this new cryptocurrency to share its success with the entire community.
Yuh CEO Markus Schwab said:
“We want to make life as easy as possible for people. 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”.
Towards widespread use of cryptocurrencies with PostFinance
Yuh has ambitious goals, such as becoming the most popular financial app in Switzerland, and is already working on new features that will be unveiled in the coming months.
The fact that the state-owned company PostFinance is behind the project, along with Swissquote, means that it is possible that the app will become widely used in the country, given that PostFinance is the financial services unit of the Swiss Post, and the largest retail financial institution in the country.
The Swiss Post (Swiss Post) is Switzerland’s national postal service, and is a public company owned by the Swiss Confederation, which is the country’s second-largest employer.