Cryptocurrency

Swissquote receives high profit after offering clients Crypto Investing

Swissquote receives high profit after offering clients Crypto Investing

Swissquote, a company well-known for providing online financial and trading services has acquired 44% profit in the first half of 2018.

Earlier in June last year, the Swiss-based online bank gained trust from various people after becoming the first European online bank to launch Bitcoin (BTC) trading for its clients.

Various other financial institutions were also struggling to become the first mover in providing crypto trading. Falcon Private Bank just after Swissquote in July 2017, started providing clients instant access to Bitcoin and Altcoin portfolio by building a partnership with Bitcoin Suisse AG.

Swissquote obtained High Profit in 2018

Finews refers Swissquote’s positive growth in the Q1 of 2018 as “brisk demand” of crypto products and rising demand of crypto markets initially in 2018.

The Swissquote team has reported a profit of 25.7 million CHF ($26.01 million) in first six months of 2018, which is 44% more when compared with the previous year. Also, the firm reported an increase in the total number of customer accounts and trading activity. As per Finews, the number surpassed the calculations by 2.5 million CHF ($2.53).

This is the second time, Swissquote’s earnings have surpassed its anticipations, as with the bank already in January showing its high growth and expansion activity “flooded with interest” in bitcoin trading. During the time, the bank also stated that “several thousand new account applications were being submitted every week”.

The total number of customer accounts in the commercial sector in the Q1 of 2018 raised by 16,278. All of these accounts were completing an average of 11.8 transactions which is high as compared to the previous year.

Moreover, clients assets increased by 20% to CHF 25.5 billion ($25.81 billion) in the middle of 2018. Also, new capital inflow is 60% above last year, reaching CHF 2.4 billion ($2.43 billion). In the entire year, Swissquote is expecting that income, as well as profit, will rise by 15% which is higher than the previous target of 10%.

In the last one year, Swissquote has expanded its crypto products. It has added 4 major cryptocurrencies along with bitcoin and also released exchange-traded product (ETP) which tracks the multi-cryptocurrency index. Also, bank’s crypto ETP is be listed on the country’s biggest stock exchange, known as Six Swiss Exchange.

About the author

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Kavya Lakhani

Kavya is one of the integral members of the CryptoNewsZ Journalists team. She manages the team of correspondents and researches for the platform. She holds a master degree in Journalism and has cryptocurrency trading experience as well. She constantly follows the cryptocurrency ecosystem with a passion for decentralized fin-tech.

You can also mail her at [email protected] to discuss anything related to her reports.

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