In a clear sign of the growing convergence between traditional finance and digital assets, Swissquote — a leading online banking platform based in Switzerland — has reported a 44% increase in profits for the first half of 2018. This surge follows the bank’s strategic move to integrate cryptocurrency investment services into its core offerings, capitalizing on heightened market interest during the early 2018 crypto boom.
The financial update, widely covered by Swiss financial news outlet Finews on July 31, highlights how demand for crypto-related products significantly boosted Swissquote’s performance. With clients showing strong interest in digital asset trading, the bank recorded CHF 25.7 million (USD 26.01 million) in net profit — surpassing analyst expectations by a notable margin.
Early Adoption of Bitcoin Trading Drives Growth
Swissquote made headlines in July 2017 when it became one of the first European online banks to launch dedicated Bitcoin (BTC) trading accounts for its customers. While private bank Vontobel had technically beaten it to market through a partnership with Bitcoin Suisse AG, Swissquote quickly gained recognition for offering direct, user-friendly access to cryptocurrency markets.
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This early adoption positioned Swissquote at the forefront of fintech innovation in Switzerland — a country increasingly known as a global hub for blockchain and crypto advancements. The bank’s decision to embrace cryptocurrency investment not only attracted tech-savvy investors but also signaled a broader shift in how traditional financial institutions view digital assets.
By Q1 2018, Swissquote attributed much of its growth to sustained demand for crypto products, fueled by rising public awareness and the explosive price movements seen across major digital currencies earlier that year.
Strong Client Growth and Transaction Volume
The bank’s financial success wasn’t just driven by speculation — it reflected real user engagement. In the first half of 2018 alone, Swissquote added 16,278 new customer accounts in its commercial division. More impressively, each account averaged 11.8 transactions, a dramatic jump from just one transaction per account during the same period the previous year.
This spike in activity underscores a growing appetite for digital asset trading among retail and institutional clients alike. Additionally:
- Customer assets rose by 20%, reaching CHF 25.5 billion (USD 25.81 billion)
- Net new capital inflows exceeded the prior year’s total by over 60%, hitting CHF 2.4 billion (USD 2.43 billion)
These figures reflect not only increased trading volume but also growing trust in Swissquote’s ability to securely manage digital wealth.
Expanding Beyond Bitcoin: A Diversified Crypto Offering
Since launching its initial Bitcoin service, Swissquote has steadily expanded its cryptocurrency portfolio. In December 2017, the bank introduced support for four additional major cryptocurrencies, enhancing diversification options for investors.
Then, in March 2018, Swissquote launched an exchange-traded product (ETP) that tracks a multi-crypto index — allowing clients to gain exposure to a basket of top digital assets without holding them directly. This ETP is listed on SIX Swiss Exchange, one of Europe’s most respected stock exchanges, further legitimizing crypto as an investable asset class.
This strategic expansion aligns with broader trends in crypto investment innovation, where regulated financial products are making digital assets more accessible to mainstream investors.
Regulatory Support Fuels Institutional Confidence
Switzerland’s progressive regulatory environment has played a crucial role in enabling banks like Swissquote to innovate safely. In June 2018, Hypothekarbank Lenzburg became the first Swiss bank to offer business accounts to blockchain and cryptocurrency companies — following close consultation with the Swiss Financial Market Supervisory Authority (FINMA).
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FINMA has been instrumental in establishing clear guidelines for initial coin offerings (ICOs) and digital asset custody, creating a stable foundation for financial institutions to operate within legal boundaries while embracing technological change.
This regulatory clarity has helped position Switzerland as a “Crypto Valley,” attracting startups, investors, and established banks looking to participate in the digital economy.
Looking Ahead: A New Era of Digital Banking
Swissquote’s performance in 2018 marks a turning point in the evolution of online banking. With cryptocurrency now integrated into its core services, the bank is setting a precedent for others in Europe and beyond.
For the full year, Swissquote forecasts a 15% increase in revenue and profit — exceeding its original 10% target — driven by continued demand for digital asset solutions.
As more investors seek ways to include Bitcoin, blockchain-based assets, and other cryptocurrencies in their portfolios, platforms that offer secure, regulated access will be best positioned to lead the market.
Frequently Asked Questions (FAQ)
Q: What caused Swissquote’s 44% profit increase in 2018?
A: The profit surge was primarily driven by high demand for cryptocurrency trading services, increased client acquisition, and higher transaction volumes following the bank’s early entry into Bitcoin and digital asset markets.
Q: When did Swissquote start offering Bitcoin trading?
A: Swissquote launched Bitcoin trading accounts for its customers in July 2017, becoming one of the first major European online banks to do so.
Q: Does Swissquote offer more than just Bitcoin?
A: Yes. Beyond Bitcoin, Swissquote supports several other major cryptocurrencies and offers an exchange-traded product (ETP) that tracks a multi-crypto index, providing diversified exposure.
Q: Is Switzerland supportive of crypto banking?
A: Yes. Through proactive regulation by FINMA and initiatives like banking services for blockchain firms, Switzerland has created a favorable environment for crypto innovation.
Q: How many new accounts did Swissquote gain in early 2018?
A: The bank added 16,278 new customer accounts in its commercial segment during the first half of 2018, reflecting strong market confidence.
Q: Can I trade crypto through traditional banks like Swissquote?
A: Yes. Banks like Swissquote now offer regulated crypto trading and investment products, allowing users to trade digital assets through secure, established financial platforms.
With strong fundamentals, regulatory support, and increasing investor demand, Swissquote’s success story illustrates how forward-thinking financial institutions can thrive in the era of digital assets. As crypto adoption continues to grow, expect more banks to follow this model — blending innovation with security to meet evolving customer needs.