The first half of the year saw Swissquote Group gain profits of around 25.7M CHF (~$26.1M USD), marking a 44% increase of the same from the past year, the company announced on Tuesday. This profit margin is higher than anticipated by about 2.5M CHF (~$2.52M USD). They had predicted gains of about 23.2M Swiss francs.
Swissquote announced that the company expects the profit margin for the entire year to rise by about 15%. Despite the recent market trends, a high gain was not really expectes. However, the company has managed to profit from the huge demands of crypto products this year.
Many in the crypto community have called Swissquote to be the first European online bank that has offered Bitcoin and other crypto services to its customers. It collaborated with Bitstamp last year to add more BTC to its online trading platform along with both USD as well as EUR. Back in December, the bank added to its repertoire several more tokens, including ETH, LTC, BCH, and XRP.
Swissquote isn’t the only finance firm from Switzerland that has managed to profit from the great surge of potential in the crypto-industry. Swiss private banking firm Falcon also announced last July its plan to several crypto-based services like asset management solutions to its customers. It managed this through a collaboration with Bitcoin Suisse AG
The SIX Swiss Exchange also announced last July that it is creating a platform for the transaction and settlement of crypto assets. Hypothekarbank Lenzburg, one of the oldest banks in the country, announced last June that they would serve businesses working with crypto. Two other banks, Neuchâtel Cantonal Bank and Neue Helvetische Bank, have also joined hands with crypto firms.
Nonetheless, not a very huge number of financial institutions in the country have so far shown a lot of interest to provide services to the myriad of crypto-based startups rising in Switzerland. The restrictions of the traditional banks have always been notes as a hazard to the Swiss supremacy in the crypto-market in Europe, where places like Gibraltar and Malta are also rising to prominence.
Companies from Zug also have complaints regarding the restrictions of local banking services, and many of them state that they have started creating accounts in the neighbouring Lichtenstein. Banks like Frick and Alpine in the country are working with several Swiss startups.