The Swiss online Bank Swissquote has reported a 44% increase in revenues for the first half of 2018. As writes the local edition Finews, an increase in profits of the Bank related to the range of services on cryptocurrency investment, and high volatility of the digital assets themselves.
Compared with figures for the same period in 2017, the Bank helped 25.7 million Swiss francs ($26.02 million). Also increased the number of customers and their activity: established 16 728 trading accounts advanced, and the average number of processed transactions reached 11.8 (compared with only 1 transaction in H1 2017). Overall Swissquote analysts expect annual growth of 15% despite the fact that the mark of 10% has been achieved.
In the report of the Bank mentioned the increase in the amount of client assets by 20% compared to last year, reaching thus to 25.5 billion francs ($of 25.81 billion). All new client fees Swissquote resulted in 60% more net profit than the new capital contribution in H1 2017. It is noteworthy that in the past half of the year, when there was growth and a historical peak of quotations of bitcoin, this figure exceeded 100%.
Swissquote has launched its own product to brokers BTC in July last year, effectively becoming the first online Bank in Europe that offer to trade bitcoin. In December, the Bank has added support for Bitcoin Cash, Ether, Litecoin and XRP, and in March 2018 issued the certificate “Multi-Crypto Active Index” — exchange traded product that tracks cryptocurrency index for the Six Swiss Exchange.
Private Swiss banks often become “pioneers” in the field of crypto-currency products. So, last year, Falcon Private Bank has implemented direct purchase and storage of BTC, ETH, BCH and LTC for their customers; in June of this year Hypothekarbank Lenzburg has announced its willingness to maintain a corporate account on blockchain and cryptocurrency companies.
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