Online bank Swissquote increased it's profit outlook due to Bitcoin trading

posted about 1 year ago
Online bank Swissquote revised its profit outlook for 2017, having benefited from strong trading in cryptocurrencies. The company has been swamped with interest for bitcoin trading.

Gland-based Swissquote expects earnings to have totaled 186 million Swiss francs in 2018, 8 million more than it had forecast in its most recent forecast. The bank said it will post a pretax profit of about 45 million francs, according to a statement released today.

The sharp rise in earnings and profit growth was a result of two factors, Swissquote said.

Customers traded significantly more with securities and foreign exchange, while the company also profited from the introduction of cryptocurrency trading.

Swissquote was the first European online bank to launch such an offering in July, 2017.
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