The state-owned company PostFinance, which operates Swiss Post, has launched an application that allows users to invest in 13 cryptocurrencies.
The app is called Yuh and is a new digital finance app from Swissquote and PostFinance for 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 application allows you to make payments as wellmake small or large investments in over 100 of the most popular stocks - Apple, Nike, Tesla or Coca-Cola, as well as ETFs and 13 supported cryptocurrencies.
Yuh does not charge commissions whenever possible for buying or selling, which is 0.5% for stocks and 1% for cryptocurrencies.
The launch of the application is accompanied by the launch of a new Swiss "cryptocurrency" Swissqoin... Anyone who opens a Yuh account and deposits at least500 Swiss francs, will receive 500 Swissqoin for free. In addition, additional Swissqoins can be earned through various actions in the application, and they can also be exchanged with other "users". Yuh will regularly invest a portion of his earnings in this new cryptocurrency.
“We want to make people's lives as simple as possible. With Yuh, we put the entire financial world into their hands. Everyone should have the right to decide when, where and how to manage their money "- said Yuh CEO Markus Schwab.
Yuh has ambitious goals, including becoming the most popular financial app in Switzerland, and is already working on new features to be unveiled in the coming months.
The fact that the project is backed by the statethe company PostFinance and Swissquote means that it is possible that the application will become widespread in the country, given that PostFinance is the financial arm of Switzerland Post and the largest retail financial institution in the country.
Swiss Post is the national postal service of Switzerland and a public company owned by the Swiss Confederation, which is the second largest employer in the country.
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