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Swissquote Bank’s H1 net profit falls due to ‘significant’ decline in crypto trading business

Swissquote Bank, an online banking service, has reported 14.3% drop in net profit in the first half of this year, due to a “significant” year-on-year decline in cryptocurrency trading business, among other factors. The net profit stands lower at 22 million Swiss francs (~$22.55 million) as of June 2019 as compared to 25.7 million Swiss francs (~$26.34 million) in the same period of the previous year, according to a statement Tuesday. The drop in cryptocurrency trading business also led to a 17.9 decline in net fee and commission income.  Swissquote started offering cryptocurrency trading service back in 2017, supporting five coins – bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH) and XRP. Join Genesis now and continue reading, Swissquote Bank’s H1 net profit falls due to ‘significant’ decline in crypto trading business!
The Block Crypto

Online Bank Swissquote to Add Crypto Custodial Service

Lack of access to custodians that institutional investors know and trust is seen as a major hurdle for growing the sector. Thankfully, the demand has caused a flurry of companies to enter the business, with the latest being online bank Swissquote. Also Read: UK Regulator: 3% of Brits Have Bought Cryptocurrency Swissquote to Use Services of Crypto Finance AG Swissquote, a provider of online financial and trading services from Switzerland, announced its yearly results for 2018 on Friday. The report included an update about an upcoming expansion of the bank’s crypto services. Starting March 21, it will be possible to transfer cryptocurrencies from external wallets to a Swissquote account and vice-versa. “Swissquote will therefore become a secure and technologically fully integrated cryptocurrency trading platform and depositary for private and institutional clients alike,” the company explained. For the purpose of adding these custodial offerings for digital assets investors, the Swiss bank will use the services of Crypto Storage AG. This fintech startup was founded in June 2017 and provides blockchain-related services in three main categories: asset management, brokerage, and storage. It offers a proprietary infrastructure solution developed in Switzerland to manage private keys, both physical and digital, on high grade hardware security modules with configuration options for individual and role-based access control. Crypto Finance has offices in Zurich, and is based at Crypto Valley in Zug. Online Swiss Bank Supporting Crypto Since 2017 Swissquote first begun offering cryptocurrency trading in mid-2017 in partnership with Bitstamp, and the service was then expanded further at the end of the year to cover five popular digital assets, bitcoin core (BTC), bitcoin cash (BCH), ether (ETH), litecoin (LTC), and Ripple’s XRP. In addition, the bank launched Swissquote Bitcoin Active Index (SQXBTQ) on the SIX Swiss Exchange in November 2017. In October 2018 the bank also expanded the service to support its clients participating in initial coin offerings (ICOs) through the platform. Swissquote is a member of the Swiss Bankers Association, holds a banking license issued by the Swiss Federal Financial Market Supervisory Authority (FINMA), and its parent company is listed on the SIX Swiss Exchange. What do you think about this Swiss online bank adding crypto custodial services? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from The post Online Bank Swissquote to Add Crypto Custodial Service appeared first on Bitcoin News.
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eToro US Launch, Security Exemption, United Nations Crypto Hacking & SwissQuote Launch

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The Modern Investor

Swissquote Partners With Crypto Storage AG To Launch Highest-Grade Crypto Custody Service

Swissquote To Launch Crypto Custody Service Once upon a time, Blockchain and crypto were thought of as the tools that would be used to demolish the monopoly held by large financial institutions in the world. As they have gained more acceptance over the years, the mainstream financial world has jumped on the blockchain bandwagon with […]
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Tether destroyed 500 million USDT, Swissquote allows ICO participation, Coinbase added its first stablecoin, IDEX to block NY users, Vertex Ventures invests in Binance, the biggest crypto theft in Australia, Sony creates contactless hardware wallet, Japanese crypto exchanges got a self-regulatory status, Bitcoin Futures still lack volume — in this weekly news

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High ETH Prices Are (Finally) Good For Ethereum

Things are looking pretty bullish for Ethereum (ETH). The Ether price has surged by over ten percent in the past couple of days, and crossed above the psychological $200 barrier earlier this afternoon. That could be a strong buy signal for technical traders, as Crypto Briefing analysts reported yesterday.   Source: CoinMarketCap How High ETH Prices Harm Ethereum But what does a high Ether price mean for the smart contract network? There’s an obvious benefit for speculators and miners. But past experience has shown that anyone seeking to build dApps or just use the network could be severely hampered when markets turn bullish. That’s because the higher ETH prices get, the more expensive it is to use the platform. Users have to pay for everything they do on the network, from smart contract computations to token transfers. Rising gas fees could push end-users onto cheaper alternatives, like EOS or TRON, which offer similar functionality with lower fees. At least, that’s the received wisdom, which so far seems to be supported by experience. And it’s still technically true today: when it comes to using the ETH network, the downsides of a high Ether price tend to outweigh the advantages. Does Expensive ETH Mean A Stronger Network? However, Ethereum is (eventually) transitioning towards a Proof-of-Stake consensus model, which will require a financial commitment in order to participate. Instead of mining blocks through proof-of-work, block-producing nodes will have to stake ETH tokens as collateral in order to validate the network. That could have a significant impact on Ether’s market dynamics. Stakeholders will risk losing their hodlings if they fail to maintain connected and up-to-date node software. An expensive ETH would provide a strong disincentive to malicious or careless actors on the network. “If the chain is going to be secure, then there are inherent benefits from having high-valued Ethereum,” explained Nic Carter, Partner at Castle Island Ventures, in an interview with Laura Shin. A high Ether price, he added, would also provide “high-powered collateral, for DeFi applications for instance.”  Carter also pointed out that most networks have become too preoccupied with one or two “glamour metrics,” which may burnish their credentials but do not represent credible advantages. EOS, for example, has focused solely on scalability at the expense of decentralization. One tradeoff of those high speeds is that EOS relies on a small group of validators, which could present a systemic risk if they decided to collude or otherwise abuse their privileged positions. Ethereum’s key advantage is that it is the only platform with a vibrant community, Carter added, which comes with an “organic groundswell of usage and development.” Because of that organic usage, investors may be attracted to hold ETH for the long-term. “I think we noticed a little bit of a recalibration where initially [Ether] was computational gas,” Carter went on to say. “More recently, certain high-profile Ethereans have been saying, ‘well actually Ethereum itself is money.'” A strong Ether price could still push people off the network, but the community has been exceptionally resilient to market volatility and rival platforms over the past two years. The burgeoning DeFi space, and the added security after transitioning to Proof-of-Stake, could make high prices a net positive for the Ethereum network. The post High ETH Prices Are (Finally) Good For Ethereum appeared first on Crypto Briefing.
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