Swissquote Reports 44% Increase in Profit After Adding Cryptocurrency Services

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Swiss online banking group, Swissquote, has benefited greatly from the addition of cryptocurrency investing to the set of services it offers, reporting a significant increase in its H1 2018 profits. The news comes while Switzerland is debating over how to keep crypto businesses in the country when the majority of Swiss banks refuse to provide services to the growing crypto sector.


Swissquote Posts Profit of 25.7 Million Francs in H1 2018


While many traditional financial institutions in Switzerland are still shying away from dealing in cryptocurrencies and working with crypto companies, those who have ventured into the space are already harvesting the fruits of their decisions. Swiss online banking firm, Swissquote, has reported soaring profits attributed largely to the offering of investing opportunities related to cryptocurrencies like bitcoin, and a steep rise in both the number of customers and the volume of trading.

Swissquote Group posted a profit of 25.7 million CHF (~$26.1million USD) from the first half of this year, which represents an increase of 44 percent over the same period of the previous year, the local outlet Finews reported, quoting an announcement released by the company on Tuesday. The profit margin exceeds the predictions of financial experts by about 2.5 million CHF (~$2.52 million). They expected a profit of 23.2 million Swiss francs.

https://news.bitcoin.com/swissquote-reports-44-increase-in-profit-after-adding-crypto-services/

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