As the cryptocurrency fever continues to rampage, traditional banks are steadily adjusting accordingly by adding various coins to their list of supported digital currencies. Online bank Swissquote Bank Europe is the latest to expand its list of supported cryptocurrencies.
Swissquote Bank Europe Becomes the First EU Bank to Offer 12 Cryptocurrencies
Luxembourg-based Swissquote Bank Europe announced on April 27 that it was adding Cardano, Uniswap, Filecoin, Aave, and various other altcoins to its list of supported cryptocurrencies. Clients of Swissquote can now buy and sell 12 cryptocurrencies.
Online bank Swissquote Bank Europe has pioneered as the first fully regulated EU bank to offer 12 cryptocurrency exchange service to its customers. Last November, it was also the first online bank in the EU to offer Bitcoin trading to its clients in collaboration with Bitstamp.
Swissquote’s launch of Bitcoin trading was a product of a venture born in November 2017. The major Swiss banking group initiated an exchange-traded product that was to tame Bitcoin’s volatility.
The strategy was that this product would shift customers’ funds between cash and crypto-based currencies on a specific algorithm. Currently, clients are enjoying a deposit protection service. The service protects exchange balances as high as € 100,000. Swissquote has plans to expand the cryptocurrency offer to institutions as well.
Swissquote Hopes To Drive Crypto Traders to Its Traditional Investment Vehicles
The Luxembourg-based financial institution also offers various traditional investment vehicles, including mutual funds, equities, exchange-traded funds (ETFs), and fiat currency.
The cryptocurrency market targets the traditional financial industry to tap new customers. Online bank Swissquote Bank Europe is doing the contrary. With more supported cryptocurrencies, Luxembourg-based Swissquote Bank Europe hopes that the clients they attract would also venture into other packages that the bank offers.
The bank’s CEO, Dave Sparvell, stated during the announcement that Swissquote expects clients who are actively trading in crypto to diversify their portfolio to the traditional investment vehicles offered by the bank