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Swiss Bank Allows ICO Investment

Redwan Eid | Oct. 22, 2018
Swiss Bank Allows ICO Investment

Swissquote has announced today allowing its customers to participate in initial coin offerings ICOs through its online platform.

The Switzerland-based banking group clarified that it will take care of the execution procedure of the tokens, as well as its custody process, choosing LakeDiamond as the first ICO on its platform.

LakeDiamond, which is a branch of EPFL (Swiss Federal Institute of Technology in Lausanne), produces human-made high-grade diamonds in laboratories equipped with specialized reactors, designed for applications like watch movements, lasers or transistors.

In his turn, the CEO of Swissquote Marc Bürki commented on the step: “true to our philosophy to democratise finance by offering services that are simple and accessible to everyone, we are now offering our clients the opportunity to help grow start-ups.”

Bürkifrom will reportedly be representing the Swiss online bank at the Finance Magnates London Summit 2018.

In his turn, Pascal Gallo- CEO of LakeDiamond made a statement on the sidelines of launching the event, saying: “LakeDiamond has developed and continues to develop its cutting-edge technology combining lab-grown ultra-pure diamonds and high end industrial applications. With its ICO, LakeDiamond is seeking to accelerate its growth and is delighted to be the first company using the new ICO services offered by Swissquote.”

ICO Available for Clients Without Wallets

Analysts read that ICO is beneficial to LakeDiamond, as the company sells machine production minutes as tokens, meaning a token represents actual machine time.

According to news reports, LakeDiamond is issuing CHF 60.5 million ($60.8 million) worth of tokens, valuing each LakeDiamond token (LKD) for CHF 0.55 worth.

Financial observes see that the specialty of Swissquote’s step constitutes in making the participation in ICOs available even to traders without blockchain wallets, as the online bank utilizes its platform instead for serving the purpose.

Statistics refer to that he minimum purchase for the ICO is 60 LKDs (CHF 33).

Swissquote will reportedly offer its clients through its ICO presale -from October 22 until December 11 of this year- one free token for each set of ten purchased tokens, until CHF 4 million is raised.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.