Dave Sparvell, CEO of Swissquote Bank Europe.;
Credit: Swissquote Bank Europe
Swissquote Bank Europe, a leading multi-asset online bank based in Luxembourg, today announced the launch of its new cryptocurrency service.
The new service supports twelve cryptocurrencies including Bitcoin, Ethereum, XRP, Litecoin, Chainlink, Stellar, Bitcoin Cash, EOS, Tezos, 0x, Ethereum Classic and Augur.
Increased interest in digital assets from consumers, corporations and central banks is driving cryptocurrencies to new levels of adoption in investment portfolios. Swissquote Bank Europe is at the forefront of this movement, becoming the first online bank in the European Union (EU) to offer an investment account with a built-in crytopcurrency service.
The service will enable clients to own and trade twelve cryptocurrencies in their portfolios, alongside 22 fiat currencies and thousands of stocks, exchange-traded funds (ETFs) and mutual funds.
Immediately available via Swissquote’s online investment platform and mobile apps for iOS and Android, the service also offers:
- deposit protection on fiat currency account balances up to €100,000 under Luxembourg’s deposit guarantee scheme;
- instant trading and settlement of crypto trades in euros and US dollars;
- the ability to borrow against the value of their investments, including certain cryptocurrencies, with rates as low as 1.99%.
Clients can buy Bitcoin, Ethereum or one of the other ten cryptocurrencies on the new service as easily as they buy stocks and ETFs, without requiring the use of a separate account or application. Positions in cryptocurrencies will appear alongside fiat currencies, stocks and ETFs in clients’ portfolios. Unlike stock markets, cryptocurrency markets are open twenty-four hours a day, seven days a week and clients will be able to trade digital assets around the clock and over weekends and holidays.
Swissquote Bank Europe charges a fee of 0.5% to 1% for cryptocurrency trading, depending on the size of the transaction. Clients will be able to invest as little as €25 or as much as €500,000 in a single transaction.
Dave Sparvell, CEO of Swissquote Bank Europe, explained: “Having to transfer money to unknown service providers outside of the European Union to buy cryptocurrencies is an obstacle point that has prevented many investors from taking their first steps in purchasing digital assets. With Swissquote Bank Europe, clients can manage their entire portfolio of fiat currencies, crypto currencies, stocks, ETFs and funds, all from one account with an EU Bank they know they can trust”.
He continued: “Our clients have expressed strong interest in cryptocurrencies, and we’re delighted to launch this new service to enable them to tap into this new world of opportunities, in a framework that is safe and secure. We expect to see clients both actively trade the volatile cryptocurrency markets, as well as diversify their existing portfolios of international stocks, ETFs and investment funds into this emerging asset class”.
Swissquote Bank Europe will also launch cryptocurrency services for institutions later in 2021 in anticipation of greater institutional demand for crypto-asset services in Luxembourg and the EU.
