In accordance with the announcement made on April 27, Swissquote Bank Europe based in Luxembourg has extended support for Uniswap, Cardano, Filecoin, and Aava, and various other cryptocurrencies. The cryptocurrency trading service of the completely regulated bank is about to launch in mid-March and will be allowing clients to purchase and sell a total of 12 crypto assets.
Apart from crypto assets, the fly-regulated online bank offers exposure to various equities, mutual funds, ETFs, and a variety of fiat currencies.
Dave Sparvell, the CEO of Swissquote Bank Europe is expecting the crypto traders to diversify their portfolio with some of the traditional investment vehicles. Sparvell said:
Talking about the major benefits offered by Swissquote Bank Europe is deposit protection. In accordance with the local laws, the balances covered by exchanges are as high as €100,000.
The Luxembourg banking entity will also be introducing services focused on cryptocurrency later in the year 2021, that will particularly be designed for institutional investors.
A major Swiss banking group, Swissquote, has been in the field of crypto for quite a while. It became the first online bank of Europe back in the month of November to offer trading services in Bitcoin after shaking hands with Bitstamp, a cryptocurrency exchange.
In the month of November of the year 2017, the bank launched an exchange-traded product that focussed on taming the fluctuations of Bitcoin by shifting the funds of the clients between cash and cryptocurrencies on particular algorithms.
In addition to this, the bank also entered the then-obscure field of cryptocurrency custody in the year 2019.