The Swiss financial service provider wants to expand its cryptocurrency offering by the end of September with a comprehensive trading platform that enables clients to trade cryptocurrencies directly through a self-managed order book.
Swissquote – the largest online Swiss bank – announced well six months ago that it wanted to create its own cryptocurrency trading platform. The launch was originally scheduled for the end of June this year, but this year was postponed due to losses. However, despite the market turmoil and downturn in the cryptocurrency markets, Swissquote is sticking with the project.
Swissquote is based on cryptocurrency
With annual revenues of more than CHF 350 million, more than 1,000 employees and a product portfolio of more than 3 million products, Swissquote is the largest online bank in Switzerland. However, they also felt the macroeconomic challenges in the current bear market. in your Semi-annual report Losses in the first two quarters of this year were clearly visible. Cautioned by investors due to economic turmoil (war in Ukraine, lockdown in China, Fed rate hike, etc.), investments changed dramatically compared to the previous year.
The company was “only” able to generate a net profit of CHF 77 million in the first half of the year; About a third less than in 2021. About 13% of this was generated from income from crypto assets. Apparently, Swissquote would like to increase this share. With exchange trading pushed back to the end of September, the online bank is buying itself some time, as clients will be able to trade directly with each other via their centralized order book.
Many years of experience in the field of encryption
The company enabled customers to invest in cryptocurrencies in 2017. This offer was then increased in 2020 and 2021. As a customer, you can now buy 34 cryptocurrencies, many ETFs and ETPs as well as leveraged mini futures an act. The new trading platform aims to expand the sector of crypto enthusiasts.
The company gained more experience with the commercial application Yuh. This was launched in partnership with PostFinance in 2021 and offers a wide range of applications for retail clients. In addition to blue-chip stocks, cryptocurrencies can of course also be traded under the “investment” category. This also PostFinance is getting into cryptocurrency trading I would like to confirm the success of this show.