Swissquote, the leading Swiss online banking and financial services provider, announced that it expects to exceed its financial forecasts, driven by rising demand for cryptocurrency trading and related services. The bank’s client assets grew by 31% year-on-year in 2024.
According to Swissquote, the growing interest in cryptocurrency trading during 2023 contributed significantly to its performance.
The company’s early adoption of digital asset trading platforms has allowed it to meet the growing appetite for cryptocurrencies among retail and institutional investors alike.
Swissquote expects results to outperform views on demand for cryptocurrencies https://t.co/1IxTXzO5CW
— Wall Street Journal Business News (@WSJbusiness) January 17, 2025
Explore: Swissquote Cryptocurrency Revenues Triple. Meanwhile, Swiss authorities are calling for consultation on cryptocurrency tax
Swissquote positions itself as a leader in the crypto financial services sector
On January 17, 2025, the company reported that its pre-tax profits for the year were expected to exceed CHF495 million (US$548 million), comfortably exceeding previous market expectations. The bank’s net new cash flows amounted to 8.3 billion Swiss francs last year.
The bank attributed this growth not only to the popularity of cryptocurrencies but also to Swissquote’s diversified portfolio of financial services. Through the continued expansion of its cryptocurrency offerings, Swissquote It has managed to attract a wide base of clients seeking safe and regulated access to the digital assets market.
As regulatory clarity around digital assets improves globally, institutions like Swissquote are well placed to capitalize on this momentum.
In August 2024, the company’s cryptocurrency revenues tripled compared to the same period last year. This highlights the growing interest and participation in the cryptocurrency market. This increase in trading, investment and banking platform revenues underscores the growing adoption of digital currencies.
23% of the Swiss population owns cryptocurrencies
A survey conducted by Bitpanda of over 6,000 Europeans from Germany, France, Switzerland, Austria and Italy showed that Switzerland has emerged as one of the most cryptocurrency-friendly countries in the world.
A large part of the country’s population is actively involved in the digital currency ecosystem.
The geography of cryptocurrencies in the world presents an interesting paradox
The world’s largest blockchain protocols and organizations are clustered in state-of-the-art crypto hubs, with
Switzerland is at the top of the group:
Singapore
US
Why?
Organizational clarity… pic.twitter.com/S5gJEoiaoI
– Arndxt (@arndxt_xo) July 14, 2024
“In our research, we wanted to better understand how these factors change,” Bitpanda said. “Switzerland was the most crypto-friendly country, with nearly a quarter (23%) of the total population already owning cryptocurrencies.”
Read more: Bitpanda survey says Switzerland is the leading country in cryptocurrency
The post Swissquote Sees Better Than Expected Results Driven by Demand for Cryptocurrencies appeared first on 99Bitcoins.