Swissquote launches ICO offering

Ridhima Sharma
Swissquote launches ICO offering

Switzerland based banking group Swissquote has become the first bank in the world to give its customers the opportunity to participate in initial coin offerings (ICOs) via its online platform.

Till now, in order to participate in an ICO, investors With the new Swissquote service, this no longer required. Clients can purchase coins issuef by a company directly against Swiss francs, using their trading account.

The Swiss online bank will take care of the execution as well as the custody of the tokens. Furthermore, the bank has selected LakeDiamond, the spin-off of the EPFL (Swiss Federal Institute of Technology in Lausanne) as the first ICO available on its platform.

The ICO for this company is interesting, as the company is selling machine production minutes as tokens. This means a token represents actual machine time. Overall, LakeDiamond is issuing CHF60.5m worth of tokens, with each LakeDiamond token (LKD) worth CHF0.55. The funds earn from this ICO will be put towards buying 50 more reactors, the statement said.

The minimum purchase for the ICO is 60 LKDs, which translates to CHF33. During the presale, which is from 22 October until 11 December of this year, clients participating in the ICO through Swissquote will receive one free token for each set of ten purchased tokens. This will be until CHF4m is raised.