Switzerland's largest pure online bank, Swissquote Bank, is making waves in the Swiss financial sector with its crypto ambitions. The bank plans to launch its own cryptocurrency exchange by mid-2022, aiming to expand supported cryptocurrencies and establish itself as "Switzerland's leading digital crypto-asset provider," according to Jan De Schepper, Chief Sales and Marketing Officer at Swissquote Bank.
Key Developments:
- Cryptocurrency Expansion: Swissquote currently supports 24 cryptocurrencies, including Bitcoin, Ethereum, and stablecoins, with plans to add staking services.
- Market Growth: The bank reported a 1,000%+ surge in crypto-related net income (CHF 63.2 million) in H1 2021, driven by rising demand.
- Operational Scaling: Expanded compliance and customer service teams to handle increased crypto client volume, reducing account opening times to as little as one day.
Competitive Landscape:
Swissquote joins a growing list of Swiss platforms entering the crypto space:
- SIX Exchange: Launched SDX, a licensed digital exchange for institutional clients.
- Berner Kantonalbank: Introduced SMEIX for tokenized small-cap equities.
- Sygnum Bank: Approved in 2020 to operate a crypto asset exchange system.
- Deutsche Börse: Acquired Swiss fintech Crypto Finance for digital asset services.
Strategic Advantages:
- First-Mover Edge: As a pure online bank, Swissquote leads traditional Swiss institutions in crypto adoption.
- Innovative Products: Offers machine learning-driven Bitcoin warrants traded on SIX Swiss Exchange, circumventing direct investment bans for institutional clients.
- Partnership Potential: De Schepper suggests traditional banks collaborate with fintech-savvy entities like Swissquote due to high development costs.
Challenges:
- Compliance Focus: Swissquote navigates strict regulatory frameworks while scaling infrastructure.
- Competition: Rivals like Dukascopy Bank offer crypto deposits/withdrawals and fee-free internal transfers.
Swissquote Bank Overview
Regulated Swiss Bank & Online Trading Broker
Founded in 1996 and supervised by FINMA, Swissquote serves 120+ countries with:
- 500+ employees across global offices.
- CHF 18+ billion in client assets.
- Forex, CFDs, and crypto trading services.
👉 Explore Swissquote's secure trading platform
FAQ Section
Q: When will Swissquote's crypto exchange launch?
A: Targeted for H1 2022, pending regulatory approvals.
Q: Which cryptocurrencies does Swissquote currently support?
A: 24 major coins, including Bitcoin, Ethereum, and Polkadot, with stablecoins coming soon.
Q: How does Swissquote compare to Dukascopy Bank?
A: Both offer crypto services, but Swissquote focuses on institutional-grade products like Bitcoin warrants.
Q: What are the account opening timelines?
A: Typically 1 day, extending to a week for complex cases (e.g., high-risk jurisdictions).
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