Swissquote Confirms European Expansion Plan, Focusing on Crypto

Swissquote, a publicly listed online bank and broker, recently confirmed its future expansion ambitions in Europe to Finance Magnates, revealing its plans for both CFDs and crypto markets.

According to the company, it will soon launch an extensive Single Stock CFD offering, thus further extending its existing brokerage services. Additionally, it is planning to improve its offerings by enhancing the features of the proprietary Advanced Trader Platform that uses Trading View charting capabilities.

But, the big ambitions of the broker are for the growing crypto markets.

Swissquote has already been offering cryptocurrency trading for years, and now it is going to expand its services with the launch of crypto Staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term and lending services. However, it did not specify any dates for the introduction of the new crypto products.

Ahead of the product line expansion, the Swiss company has already started brand promotions. Recently, it signed a three-year deal with UEFA for sponsoring two European football leagues, UEFA Europa League and UEFA Europa Conference League.

Structural Changes

As a part of the expansion plan, the Swiss group will make some structural changes in its European retail businesses.

Swissquote Bank Europe (Luxembourg) will focus its activities on equity and crypto trading within the European Union, the company detailed. London-based Swissquote Ltd will continue to serve as the key location of the group’s Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs business development outside the EU markets.

Swissquote already has a massive international presence with international entities in Luxembourg, United Kingdom, UAE, Hong Kong, Singapore and Malta. The group is now exploring international expansion strategies, including the possibilities of opening new offices in Europe.

Meanwhile, the group turned over solid financials for many past consecutive quarters. As Finance Magnates reported earlier, Swissquote’s net revenues jumped 64.5 percent higher in the first half of 2021, while the pre-tax profit touched CHF 134.6 million, gaining 130 percent in a year.