Gland-headquartered online banking group Swissquote has entered the cryptocurrency trading competition with the launch of bitcoin trading services on its platform.
It has teamed up with Luxembourg-based bitcoin trading company Bistamp to achieve this. The announcement comes two days after that of Zurich-based private banking group Falcon which has launched a bitcoin asset management solution by partnering with Bitcoin Suisse AG.
The bank’s customers can exchange euros or dollars for bitcoins. Swissquote stated that the minimum bitcoin transaction is set at five dollars/euros. The amount exchanged can rise to 100,000 dollars/euros maximum with a fee comprised between 0.5% and 1%.
Marc Bürki, CEO of Swissquote, said: “Many investors are interested in cryptocurrencies, but are afraid to trade them, because the players in this market are mostly little-known, and they often require the transfer of funds to a foreign account. As a Swiss bank, we offer our clients a simplified, transparent process, without foreign transfers, that is within the reach of everybody.”