TL;DR Breakdown
- Swissquote is planning to start a crypto exchange soon.
- The bank said it has a very high demand for digital assets and is coping with the overwhelming demand.
Swissquote plans to launch a crypto exchange platform to serve its clients better sometime in 2022. The bank said that its services are gaining a very high demand due to the current crypto rush, prompting them to seek expansion.
Swissquote is an online bank in Switzerland that currently offers crypto services for its clients. Its clients select 24 cryptocurrencies to trade with Swissquote, but that may change soon. This bank plans to continue offering its crypto services through an exchange before the following July.
Swissquote to launch a crypto exchange in 2022
Many banks worldwide are currently figuring out the best frameworks for crypto adoption. However, the current developments among the European banks are notable since a good number of these banks are already offering crypto services. One of the most recent development comes from Swissquote as this digital organization plans to found an exchange.
This bank already offers crypto services for 24 digital assets to their customers but has been reporting overwhelming demands lately. Per its sales manager Jan De Schepper, Swissquote has been increasing its workforce since the spring, but it still needs to do more. As a result, the bank seeks to ease this demand by founding a crypto exchange.
Schepper said that the bank plans to reach out to more clients and allow trading of other cryptos too. He also noted that Swissquote aims to be Switzerland’s leading crypto service provider.
According to the bank’s CEO, many other banks are panicking, and the ones offering crypto services may also be late. He made these remarks to show how online brokers are already a step ahead of financial institutions.
Swissquote has had a very successful time dealing with digital assets since its launch. This bank reported a profit of 1000 percent from its crypto holdings in the first half of 2021. Per reports, the bank also expects to double its pre-tax earnings by the end of 2021. However, its expenses may also rise considering their next endeavour.
Swiss banks lead the other central banks in crypto adoption
The crypto space is experiencing a very defining moment currently. Since its financial disruption is already taking the course, many banks are trying to figure out whether to run with it or fight it. Some like the PBoC are seen to fight cryptos due to the ‘effects’ on the economy. Others are adopting cryptos in different ways.
One of the most recent developments is from Switzerland, where the BBVA’s Swiss branch plans to add ETH to its custodial services. Now, Swissquote is planning to build a crypto exchange platform. If this platform launches, it will be the first of its kind since no other bank is close to such an achievement.
Other banks like Goldman Sachs plan to start accepting cryptos as collateral for loans. These developments are evidence that the future of finance is on a new course after the banks decide to endorse digital assets.
