Swiss online bank Swissquote has, of this week, began trading the ever-growing cryptocurrency, Bitcoin, in exchange for US dollars and euros – becoming only the second bank from this country to do so (after Falcon Private Bank made it possible for their clients to exchange bitcoins just last week). This is set in junction with their Luxembourg-based partners, Bitstamp, and the agreement is described as merely a first step of many to be employed in future as a means of extending this collaboration.
This will mark Swissquote’s initial descent upon Bitcoin, whose progress and popularity are inevitable. Bitstamp has a lot of experience in the field of dealings with Bitcoin (it is the first cryptocurrency exchange to be licensed in Europe), which is exactly why Swissquote began the process for regulating and complying Bitcoin for US and European markets, a definitive reason to land this partnership. The bank’s CEO, Marc Burki, simply stated “We wanted to work with a partner we could rely on.”
Bitstamp CEO Nejc Kodrič commented: "The strong potential shown by digital currencies in their relatively short history has led to traditional financial markets looking for ways to get involved.” Company’s official statement also says that they are “honoured to be working with such a respected name in the financial world. Our partnership with Swissquote clearly shows that our efforts to increase compliance and regulation in the Bitcoin industry are continuing to bear fruit.”
Swissquote has offices in Bern, Zurich, London, Malta, Hong Kong and Dubai.