Online Bank Swissquote Posts $26 Million in Profits After Opening Bitcoin Investment Accounts

Online banking service provider Swissquote has encountered soaring profits since offering customers Bitcoin trading accounts in July of last year. In a report published yesterday, the Swissquote Group posted profits of 25.7 million CHF ($26.01 million) in the first half of 2018, up more than 44% from the previous year.

Swissquote has seen an increase in both the number of customer accounts and trading volume. The recent profits have come as a surprise to Swissquote analysts who had previously estimated profits of 23.2 million CHF.

Swissquote is reported by Finews to have benefited from a “brisk demand for cryptocurrency products.”

Additional details from Swissquote report 20 percent gains in total client assets, now up to 25.5 billion CHF, and 60 percent gains in net money inflows, now at 2.4 bilion CHF. Estimates for end of year total profits are now at +15 percent from 2017. The company’s target goal was set at +10 percent at the beginning of the year.

Interestingly, despite Swissquote’s success, Finews remains skeptical as to whether or not Swissquote’s customer demand for cryptocurrency will be able to sustain itself. The local news outlet predicts income generated by Swissquote through cryptocurrency is likely to go down as the year progresses.

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