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Swiss Mainstream Financial Companies Adopt Bitcoin as Demand Surges

Swiss Mainstream Financial Companies Adopt Bitcoin as Demand Surges

Swiss Mainstream Financial Companies Adopt Bitcoin as Demand Surges

​Earlier this month, Swissquote became the first private bank in Switzerland to be approved by the Swiss financial regulator to offer bitcoin services in collaboration with Luxembourg-based trading platform Bitstamp.

Almost immediately after Swissquote announced its integration of bitcoin, Zurich-based wealth manager and financial service provider Falcon adopted bitcoin, allowing its large clientbase to invest in bitcoin. Together, Swissquote and Falcon are set to provide bitcoin services to more than 400,000 clients based in Switzerland.

Swissquote CEO Mark Burki stated:

“Many investors are interested in cryptocurrencies, but are afraid to trade them because the players in this market are mostly little known and they often require the transfer of funds to a foreign account. As a Swiss bank, we offer our clients a transparent, simplified process without foreign transfers, that is within the reach of everybody.”

The integration of bitcoin by Swissquote led to extensive coverage of Bitstamp and the entire Swiss bitcoin ecosystem by the country’s mainstream media. However, the vast majority of bitcoin enthusiasts, traders, investors and users have struggled to acknowledge the importance of the partnership between Swissquote and Bitstamp.

Through the joint platform of Swissquote and Bitstamp, Swiss bank account holders can simply purchase and sell bitcoin through their banks without having to access third party service providers and trading platforms. For Swissquote bank account holders, it is as easy as calling the bank and placing an order for bitcoin.

Swissquote clients are allowed to invest between $5 to $100,000 per transaction given that every trade is unleveraged and settled with independent funds.

Falcon, another major financial service provider, partnered with Bitcoin Suisse to establish an infrastructure which its investors and clients can use to invest in bitcoin.

"Following our strategic partnership with Move Digital, a best-in-class provider of digital asset management and investment advisory systems, this is a further tangible element of our new strategy. We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients. Falcon is convinced that the time is right to enter this nascent market and it is our firm belief that this new product will fulfil our clients' future needs,” Arthur Vayloyan, global head of products and services at Falcon stated.

Bitcoin Suisse CEO Niklas Nikolajsen along with analysts from mainstream media networks such as CNBC described the deal between Bitcoin Suisse and Falcon as a historic partnership and milestone for the Swiss bitcoin ecosystem.

More importantly, Bitcoin Association Switzerland President Lucas Betschart noted that the demand toward bitcoin has been on a consistent rise in the Swiss market and expects to see the value of bitcoin to continue increasing despite recent volatility.

Author : Joseph Young

Joseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

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