- A Swiss state bank, PostFinance, has added ADA. AVAX, SOL, XRP and DOT among its trading and custody options.
- The move came amid increased speculation over AVAX and XRP ETFs.
Amid the widespread adoption of cryptocurrencies by traditional financial institutions, PostFinance, a bank owned by the Swiss government, has expanded its crypto services.
According to the latest reports, Postfinance has added custody options for multiple altcoins, including Cardano [ADA]Ripple [XRP]Avalanche [AVAX]Solana [SOL]and Polkadot [DOT].
Via their official X page (formerly Twitter), PostFinance shared the news and stated that
“We now also offer the #cryptocurrencies Avalanche, Cardano, Polkadot, Ripple and Solana for trading and custody.”
PostFinance’s recent move is a huge milestone as it expands the use of cryptocurrencies within traditional financial markets.
The initiative that started last year after the adoption of Bitcoin [BTC] and ether [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 given the increased use of altcoins.
The traditional financial 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 financial institutions gain access to institutional investments in these altcoins.
XRP, AVAX ETF Rumors
Since the approval of BTC ETFs earlier this year and ETH last month, several crypto stakeholders have expressed a desire to seek ETFs for other altcoins.
BTC’s adoption pushed prices higher towards ATH, and yet with current crypto volatility, it remains well-positioned to reach $100,000 by the end of the year.
These capabilities have required other altcoins’ ETFs to be approved, and ETH was approved last month while SOL ETF was in the review process.
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Likewise, there are persistent rumors about XRP ETFs. In an interview shared on X by Altcoin dailythe XRP president said:
“It would make a lot of sense.”
Similarly, the speculation about AVAX ETF has created a buzz in the market, with several analysts sharing the potential benefits of such an endorsement.
According to Jan Kimbo, AVAX would get 100x if an ETF is approved. He shared that
“$AVAX will do 100-500x, but you won’t believe me until we get there and say it.”
Read Cardanos [ADA] Price forecast 2024-2025
Therefore, a potential ETF approval would serve the interests of investors and ensure PostFinance is a leader in crypto adoption.
By representing the interests of investors by adding altcoins that have significant GitHub submissions, such as AVAX, XRP, DOT, SOL, and ADA, Postfinance ensures that it remains a leader in cryptocurrency adoption.