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Switzerland's largest online bank launches its own crypto exchange

Switzerland's largest online bank launches its own crypto exchange

Switzerland's largest online bank, Swissquote, decided to launch its own marketplace for trading cryptocurrencies. 

In an interview with Finews.asia, Jan De Schepper, Swissquote's sales and marketing director, said the bank expects to launch its own cryptocurrency exchange no later than the first half of 2022. According to him, Swissquote intends to become "Switzerland's leading provider of digital assets" and would like to offer its customers the opportunity to trade various cryptocurrency pairs.

The bank also plans to significantly expand the list of crypto-assets, completing them with stablecoins and staking service.

Due to the growing demand for cryptocurrencies, Swissquote has been systematically expanding its staff since last spring and plans to continue to do so.

Personnel costs are recouped through the expansion of the client base. According to De Schepper, there are many more inquiries, and the bank tries to open new trading accounts as soon as possible. It often happens on the same day when a client's request is received.

The company's net profit from cryptocurrency investments rose more than 1,000% to 63.2 million Swiss francs in the first half of 2021. Swissquote plans to double its earnings by the end of 2021, despite significant expenses and investments in infrastructure expansion.

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