Swissquote Bitcoin trading accounts attribute to the surge in company’s H2 2018’s revenue. In fact, the Swsisquote Group has recorded a profit of 25.7 million CHF ($26.01 million) in the first half of the current year
31 July, AtoZ Markets – Swissquote, the online banking service provider has recorded a 44 percent increase in profits in the first semester of 2018 following the introduction of Bitcoin trading account option.
Swissquote Bitcoin Trading Accounts attribute to 44% Record Revenue
In July 2017, this Swiss-based online bank has become “the first” European online bank to offer Bitcoin trading accounts for its clients. Other financial institutions in Switzerland have been considering to integrate the cryptocurrency technology as well. One of such is the Falcon Private Bank, which has also moved to provide its client with the direct access to Bitcoin and other coins portfolios via a partnership with Bitcoin Suisse AG.
The Swsisquote Group has recorded a profit of 25.7 million CHF ($26.01 million) in the first half of the current year. It also saw a steep increase in both the number of customer accounts and trading activity. As per some of the online reports, this is the second time Swissquote’s earnings have exceeded their expectations.
Earlier this January, the bank has already linked its surge in growth to being “swamped with interest” in Bitcoin trading. At that time, the company has stated that “several thousand new account applications [were] being submitted every week.”
Swissquote Expands Crypto Offering
It is also understood from online media reports that the company expects its profits to further grow by 15% by the end of the year.
Starting from the middle of 2017, this online banking service provider has diversified its cryptocurrency investment products, thus adding support for four major cryptocurrencies in December 2017- Ether, Litecoin, Ripple and Bitcoin Cash.
The official press release from the company has stated:
“Customers may invest in Bitcoin, Bitcoin Cash, Ether, Litecoin, or Ripple against the Euro or the US dollar through their Swissquote trading account, just as they would with any other currency, except without access to leverage. Because there is no leverage, there is no risk of losing more than the invested amount.”
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