Swissquote Group Holding (OTCMKTS: SWQGF), Switzerland’s most prominent online bank, will create a digital currency trading platform in 2022. Jan De Schepper, the bank’s sales manager, has confirmed the bank’s plans.
In addition, the bank hopes to become a leading provider of digital assets in the country. The bank will expand its cryptocurrency services to include staking services and stablecoins, which have seen a surge in popularity in the crypto space.
According to the CEO and Founder of Swissquote, Marc Buerki, traditional banks are starting to panic as cryptocurrency grows. Buerki added that banks beginning to offer crypto services are later entries.
The move could increase digital trading platforms in Switzerland
Experts believe that the launch of Swissquote’s digital currency asset trading platform will cause an increase in trading platforms in the country. For example, the Swiss Stock Exchange SIX had added SDX, an operational licensed digital exchange. This move followed the launch of SMEIX by Berner Kantonalbank, which trades tokenized small caps.
Moreover, Sygnum had received approval from regulators to create a trading system in September 2020. Increased demand for digital tokens and coins since last spring has caused Swissquote to hire new workers. The company will keep hiring new people to accelerate development.
The bank hired new people to keep you with the demand for crypto services
De Schepper points out that the stopping rush almost overrun the bank’s customer service, thus the need to recruit more people. Fortunately, the new hires allowed the bank to cut the waiting times of clients who call into its offices. However, there are circumstances when opening an account could take nearly a week, especially if the bank needs extra clarification.
The cryptocurrency industry has seen a surge in revenue over the last few years. For instance, income from investments increased by over 1000% to $68.3 million in the first six months of 2021. Moreover, the bank expects to double its pre-tax earning by the end of the year. It also hopes its spending will surge due to its high investments in infrastructure.
At this time, Swissquote supports 24 cryptocurrencies, including Solana, bitcoin, Polkadot, ethereum, dogecoin, litecoin, year.finance, XRP, compound, bitcoin cash, maker, chain link, filecoin, ethereum classic, algorand, EOS, cosmos, stellar, have, tezos, uniswap, augur, card and, and ox.