Swissquote Reports a Profit Increase of 44% after Integrating Crypto-Products into Its ServicesAugust 27, 2018
Swissquote, a Swiss online banking group, has totally benefited from the inclusion of cryptocurrency. Not only the addition invested to Swissquote’s services, but it also helped the company achieve a huge profit increase this year. While Switzerland is debating over how to keep crypto businesses, the report comes.
Although most traditional financial institutions in the country are shying away from working with crypto providers or dealing in the industry, those who have taken advantage of the crypto space are harvesting fruitful results. Swissquote has reported a continuous profit in relation to the offering of investment opportunities when it comes to Bitcoin, Ethereum, and litecoin. The Swiss online banking firm has announced a steep rise in the volume of trading and the number of customers, too.
Swissquote recently posted a 25.7 million profit from the first half of 2018. This represents a 44% increase over the same period of 2017. The profits margin even exceeded the financial experts’ predictions by about 2.5 million. More particularly, they expected a 23.2 million Swiss francs profit.
There is also an upsurge in the number of customer accounts by 16, 278. The same thing happens in the client’s activity. According to recent reports, the group’s customers have made a minimum of 11.8 transactions in the first half of this year. Unlike last year, every client only made one transaction.
The cited data indicates that customer assets have improved by 20% or 25.5 billion CHF. At the same time, the net new money inflows have increased by 60% or 2.4 billion CHF. The group also said that it expects both profit and income for the entire 2018 to improve by 15%. Despite the market gains of Swissquote over the past years, it has benefited from the demand for crypto products.
The Swiss group has been considered by many as the first online bank to launch and provide bitcoin services in Europe. It collaborated with Bitstamp to add BTC to its trading platform against USD and EUR last summer. By the end of 2017, Swissquote integrated bitcoin cash (BCH), Ripple (XRP), Litecoin (LTC), and Ethereum (ETH).
Swissquote is not the only financial service provider from the Alpine nation to use the potential for growth in the crypto market. In July 2017, Falcon, a Switzerland-based bank publicized its decision to provide crypto-related products like bitcoin asset management to its customers with the help of Bitcoin Suisse AG.