In a significant move for the traditional banking sector, PostFinance, the financial arm of Switzerland's national postal service, has partnered with Swissquote, a leading online trading platform, to introduce a new investment application. This app, named Yuh, allows users to invest in a range of assets, including cryptocurrencies and stocks, marking a notable step in bridging conventional finance with the digital asset space.
What is Yuh?
Yuh is a mobile application designed to simplify personal finance and investing. Launched in a virtual event, the app enables users to save money, make payments, and invest in various financial instruments. Its core offering includes access to over 100 top global stocks, such as Nike, Apple, and Tesla, along with ETFs and trend-based investment themes. For cryptocurrency enthusiasts, Yuh provides access to 13 major cryptocurrencies, allowing users to diversify their portfolios with digital assets.
Markus Schwab, CEO of Yuh, emphasized the app's user-centric approach: "We want to make people's lives as easy as possible. With Yuh, we put the entire financial world in their hands. Everyone should be free to decide when, where, and how to manage their money."
The financial services within the Yuh app are powered by Swissquote. User funds are held at Swissquote Bank Ltd. in Switzerland, ensuring they are protected under Swiss banking and financial laws, including up to CHF 100,000 in bankruptcy protection.
Key Features of Yuh
Yuh operates on a "low-to-no fee" principle, striving to keep costs minimal and transparent for users. There are no account management fees or charges for peer-to-peer (P2P) transfers. When it comes to trading, stock transactions incur a 0.5% fee, while cryptocurrency trades are charged at 1%. Both asset classes benefit from zero custody fees. Additional management fees may apply for ETFs and trend-based products. Currency exchange fees vary by pair but are generally below 1% for major currencies.
A unique aspect of Yuh is its native cryptocurrency token, Swissqoin (SWQ). This ERC-20 token is backed by a reserve of Swiss francs, providing a stable value foundation. Users can earn SWQ tokens by engaging with the app—for example, by depositing CHF 500 to receive 500 SWQ, referring friends (both parties get 500 SWQ), executing trades (10 SWQ per trade), or using the Mastercard payment feature (2 SWQ per transaction).
The token's value is initially set at CHF 0.01 and is recalculated monthly. Yuh reinvests 10% of its subscription revenue into the token reserve, adjusting the price based on the number of Swissqoins in circulation and the reserve's Swiss franc value. At launch, the reserve held 2 million SWQ and CHF 2 million, maintaining the token's value.
The Partners Behind Yuh
PostFinance
With over a century of banking experience, PostFinance brings a legacy of trust and reliability. However, the bank has faced recent challenges, including a decline in its customer base from 2.74 million to 2.69 million in 2020 and a drop in profits from CHF 246 million to CHF 131 million. This partnership with Swissquote is part of a broader strategy to reinvent itself digitally and regain momentum.
Swissquote
Swissquote is a well-established bank with more than 25 years of experience in digital finance. The bank describes digital banking as part of its DNA, emphasizing innovation and creativity. Its collaboration with PostFinance leverages Swissquote's technical expertise to deliver a robust and user-friendly investment platform.
Why This Launch Matters
The introduction of Yuh by a state-backed bank like PostFinance signals growing institutional acceptance of cryptocurrencies. It provides a regulated and secure gateway for everyday users to explore digital assets, potentially encouraging broader adoption. The app's integrated approach—combining traditional stocks, ETFs, and cryptocurrencies—reflects a trend toward holistic financial management solutions.
For Swiss residents, Yuh offers a convenient and cost-effective way to start investing. The emphasis on low fees, transparency, and user empowerment aligns with modern consumer expectations. Additionally, the Swissqoin token system introduces an innovative loyalty mechanism, rewarding users for their engagement.
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Frequently Asked Questions
What cryptocurrencies are available on Yuh?
Yuh currently supports 13 major cryptocurrencies, though the specific list isn't disclosed. Typically, such platforms include popular options like Bitcoin, Ethereum, and other leading altcoins.
Is Yuh available to users outside Switzerland?
As of now, Yuh is primarily targeted at Swiss residents. Services may expand to other regions in the future, but current access is limited to those within Switzerland.
How does Swissqoin maintain its value?
Swissqoin is backed by a reserve of Swiss francs, and its value is recalculated monthly based on the reserve's size and the number of tokens in circulation. This mechanism aims to provide stability.
Are there any hidden fees on Yuh?
Yuh emphasizes transparency with no account management or P2P transfer fees. Trading fees are clearly stated: 0.5% for stocks and 1% for cryptocurrencies. Always review the fee schedule for updates.
What security measures protect user funds?
User funds are held at Swissquote Bank Ltd., regulated under Swiss banking laws. Deposits are protected up to CHF 100,000 in case of bankruptcy, ensuring a high level of security.
Can I use Yuh for long-term investing?
Yes, Yuh supports long-term investing through stocks, ETFs, and cryptocurrencies. Its low-fee structure makes it suitable for both active traders and buy-and-hold investors.
The launch of Yuh represents a bold step forward in the integration of traditional banking and digital assets. By combining user-friendly features, competitive fees, and strong security, it aims to democratize investing for a broader audience. As the financial landscape evolves, platforms like Yuh could play a pivotal role in shaping the future of personal finance.