Swissquote is is an online banking service provider based in Switzerland. Back in July 2017 they became the first online bank in Europe to launch bitcoin trading account for their clients. One year on from offering this innovative new product Swissquote have seen profits surge 44%.
The Swissquote Group posted a profit of 25.7 million CHF ($26.01 million) in the first half of 2018, Incredibly this was a 44% increase on 2017 figures. This increase has believed to be attributed to the metric rise of the cryptocurrency markets throughout 2017. Swissquote reported to have seen an increase in both customer accounts and overall trading activity.
Financial institutions moving into crypto
Other Swiss financial institutions have been focusing on the integration of cryptocurrency based products, with Falcon Private Bank also offering bitcoin and cryptocurrency portfolios after agreeing a partnership with Bitcoin Suisse AG.
SIB, the Japanese banking giants also announced they will be launching a cryptocurrency trading platform in the near future.
seeing Swissquote profits surge for the second time in 2018 may have prompted a number of other banking institutions to jump onboard and it may not be long before we see crypto integrated into our current financial system. In January Swissquote attributed their growth to being “swamped with interest” in Bitcoin trading. At the time, the bank said that “several thousand new account applications [were] being submitted every week.”
The number of customer accounts in the commercial sector increased by 16’278, and the activity of the customers increased, as we learned. In the first half of the year, customers spent an average of 11.8 transactions, compared with just one transaction in the same period of the previous year.
Since launching their new bitcoin products Swissquote has gone on to add support for a further 4 cryptocurrencies; Bitcoin Cash, Litecoin, Ethereum and Ripple, as well as adding an exchange traded product (ETP) in the first quarter of 2018.
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