Swissquote is a Swiss online bank which was the first to offer Bitcoin trading to its clients. In July of last year, the organization was able to successfully allow its clients to open accounts to trade Bitcoin (BTC). The service was applauded by many within both the traditional and the cryptocurrency investment community, both of which see the inherent merits to companies offering crypto-trading opportunities to their eager clients.
This has ignited an entirely new level of competition for the Swiss banks, which have always been known for their fierce competing and desire to dominate the trading market. Many Swiss banks and financial institutions have worked to become the first to offer a variety of cryptocurrency-oriented opportunities to their customers in a continual bid to latch onto the quickly-growing financial sector of cryptocurrency trade and use.
Swissquote has been easily rewarded for their daring effort to be the first online bank to offer Bitcoin trading opportunities to their clients. This past quarter, the company saw a profit of over USD $26 million in just the first half of this year, which is an incredible increase of 44% from the past year. Analysts didn’t even predict this kind of growth, as the company’s profits surpassed expectations by around USD $2.5 million.
Growth by Bitcoin
The bank has actually embraces that much of their success this year is attributable to the success of their Bitcoin trading offerings they rolled out in 2017. The company said in a statement that they had been “swamped with interest” in the trade of Bitcoin. They stated that thousands of applications to open Bitcoin investment accounts had been submitted every single week.
The numbers quickly supported this brisk claim. The customer account totals in the first half of this year increased by over 15,000 accounts. Each account was active as well, claiming nearly 12 transactions each, which beats 2017’s mean transaction number of one. These numbers support the claim that Bitcoin trading is both significant and massively changing to the online banking platform based out of Switzerland.
Total assets held by Swissquote clients also rose significantly, climbing by around 20 percent, while new influx of capital jumped up by around 60%. Moving forward, the online banking service expects that their profits will increase by another 15% by the end of the year, which beats their initial target of only 10%.
Heating Up Competition
The success of Swissquote following their embrace of cryptocurrency trading has not gone unnoticed. A bank in Switzerland announced in June that they were to become the first bank in Switzerland to offer business account openings for companies specializing in blockchain and cryptocurrency technology. The bank has already garnered interest from several companies, who are eagerly applying to get in on the Swiss bank’s offerings of business banking opportunities for crypto companies.
As the cryptocurrency and blockchain sectors continue to expand, it is likely that banks all over the world will take the Swissquote’s success as an example of the massive opportunities provided by cryptocurrency and crypto trading.