Swissquote is one of the major online banking service providers in the country. It has seen a massive surge in profits, going north of 40 percent. This uplift is being attributed to the cryptocurrency boom that the world is still reeling from.
The bank was considered to be the first major European online bank to launch Bitcoin trading accounts for their customers. There have been other Swiss banks trying to claim their so-called firsts in the cryptocurrency industry as well now.
The sudden growth for Swissquote in the first quarter of the year began with the rising demand for cryptocurrency-based products.
The online bank’s Swiss Quote Group reported that they made a massive profit. At around $23 million CHF within the first half of the year, this is over 40 percent of the profits that they made by this time last year. The number of accounts at the Swissquote online bank has also seen a significant rise. It is not just the number of accounts. The amount of activity with the existing and the new accounts has also seen a sharp rise. All of this has led to increasing profits for the online banking service provider based in Switzerland.
This 44 percent increase also marks the second time that the online banking service provider has seen its profits exceed all expectations. There are several thousand new applicants looking to make an account at the bank ever since it has offered Bitcoin trading services.
The overall rise in the quantity of client assets during this time has increased by 20 percent of its original value and it’s only the middle of the year! The flagship offering of Bitcoin has diversified the cryptocurrency investment products portfolio at the Swiss online banking service.
Cryptocurrencies are making a big impact on the global economic affairs now. There are more Swiss banks making headway into the cryptoverse.
Hypothekarbank Lenzburg became the first Swiss bank to provide business accounts to blockchain-based companies in June.