Swissquote, a leading online bank in Switzerland, has announced it expects to exceed its financial forecasts, citing a significant rise in cryptocurrency trading demand. The bank indicated that its client assets surged by 31% year-over-year in 2024.
The spike in crypto trading interest throughout 2023 has notably bolstered Swissquote's performance. By being an early adopter of digital trading platforms, the company has effectively met the growing appetite for cryptocurrencies among both retail and institutional investors.
Swissquote Expects Results To Beat Views on Crypto Demand WSJ Business News
On January 17, 2025, the firm projected a pre-tax profit exceeding CHF 495 million (approximately $548 million), surpassing prior market expectations, with net new money inflows recorded at 8.3 billion Swiss francs.
Moreover, Swissquote attributes its growth not only to the rising popularity of digital currencies but also to its diverse financial service offerings. By expanding its crypto-related products, the bank has drawn a wide customer base seeking a secure and regulated environment to access the digital assets market.
With the global enhancement of regulations surrounding digital assets, institutions like Swissquote are optimally positioned to leverage this trend. The company reported a threefold increase in its crypto revenues in August 2024 compared to the previous year.
23% of the Swiss Population Owns Cryptocurrency
Research from Bitpanda surveying more than 6,000 Europeans shows that Switzerland stands out as one of the most cryptocurrency-friendly countries, with about 23% of its population owning digital currencies.
"In our research, we wanted to better understand how these factors are changing," Bitpanda noted, highlighting Switzerland's leading role in the crypto economy.
Read more: Bitpanda Survey Says Switzerland Is The Leading Crypto-Friendly Nation
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Disclaimer: Crypto is a high-risk asset class. This article is for informational purposes only and should not be construed as investment advice. You may lose your entire investment.
