Banking Provider’s Profits Increase, Thanks To “Crypto Boom”

An online banking service attributes its 44% increase in profits to the “Crypto Boom” in the first half of 2018.

Swiss Crypto

In July 2017, Swissquote embraced the idea of accommodating Bitcoin trading accounts for its clients. Six months later, the online bank declared a 44% increase in profits associated with the “Crypto Boom.”

Its huge increase in Q1 2018 was due to the “brisk demand” for crypto products and the rising popularity of crypto markets earlier this year.

The Swissquote Profit

SwissquoteIn the first half of 2018, the profit went up to $26.01 million posting a huge 44% increase over the previous year. The bank grew in trader activity and new customer accounts, as well.

In the same period, the number of customer accounts in Swissquote’s commercial sector rose by 16,278.

In December 2017, Swissquote expanded its offering by adding support to four other major cryptocurrencies — Ethereum, Litecoin, Ripple and Bitcoin Cash.

Swissquote recently introduced an exchange-traded product (ETP) that tracks a multi-cryptocurrency index and got it listed in the Six Swiss Exchange, the country’s largest stock exchange.

Recently on the crypto news, the world’s largest cryptocurrency mining company might be conducting an IPO very soon.

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