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Swissquote AG synergy to launch Crypto Custody Service

Swissquote, an online banking and trading group is all set to launch a crypto custody this month. Starting March 21, institutional customers and retailers will be able transfer cryptos from wallets( external) in a Swissquote account. For the same, the firm has partnered with  Zug-based Crypto Storage AG, a subsidiary of Crypto Finance AG, for the custody service. 

As per the official site of crypto storage AG, it is a proprietary solution provider for safeguarding private keys with its “highest grade hardware security modules”

Swissquote presently offers crypto trading services. It launched Bitcoin trading in partnership with Bitstamp. Further, it added support for Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).

In 2017, Marc Bürki, CEO of Swissquote, said:

“Our Bitcoin trading offer and certificate have been a big success and exceeded our expectations. We are expanding our offer to help investors diversify in cryptocurrencies, just like they do in traditional securities. Cryptocurrencies are increasingly popular, more quickly than anyone expected. By offering them on our platform, investing in cryptocurrencies becomes simpler, safer and accessible to all.”

The firm had also launched a Bitcoin exchange-traded certificate. The certificate helps move investors’ holdings between Bitcoin and US dollars using machine learning algorithm. It also aims to curbing crypto volatility. 

Further, Swissquote had launched a multi-cryptocurrency certificate on the SIX Swiss Exchange.

Strengthening the Management

Swissquote Bank is also keen on strengthening its management. In a strategic move it has appointed  Michael Ploog, ex-Chief Financial Officer (CFO) of Swissquote since 1999 as the Chief Investment Officer (CIO).

Yvan Cardenas will now takeover Ploog’s place. Also, Lino Finini will takeover as the Chief Operating Officer (COO). Lastly, Jan De Schepper will become the Chief Sales and Marketing Officer (CSO).

After the annual General Meeting, Swissquote will also appoint a new chairman for its Board of Directors. This is because Mario Fontana, is not standing for re-election. Dr Markus Dennler, will be handle the chair now. He has been an active member of the board since 2005.

A peek at the Annual Finance Statistics

As per Swissquote’s latest financial report, total equity for Swissquote increased by 19.3 % and reached CHF 352.2 million. Per the report, €27.7 million ($31.04 million) will be withdrawn as the purchase price for Luxembourg’s Internaxx Bank S.A.  

Net eForex income also increased as compared to the previous year. This is attributed to a large number of new clients and increase in client assets Furthermore, higher volume of transactions has contributed to a 7.7 % increase.