Swissquote is the First Bank to Accept Five Cryptocurrencies
Swissquote, a leader in the Swiss online banking sector, recently began to accept trade in four more crypto coins. These are Ether, Bitcoin Cash, Litecoin, and Ripple. It was already accepting Bitcoin. It has been allowing trade in Bitcoin since July 2017. The decision to add four crypto coins makes it the most that a bank has accepted in cryptocurrencies globally. This will provide its customers with a simple and safe platform where they can trade.
How it will Work
Through a Swissquote trading account, a customer will be able to invest in the five crypt coins against the dollar or euro. This will work in the same way as it would any currency. However, there will be no access to leverage. This means there is no risk of losing more than your initial investment.
The choice of crypt coins to offer was based on demand and their liquidity. The minimum that anyone is allowed to trade is 5 EUR or USD. The maximum amount is half a million EUR or USD. Each transaction comes with a fee ranging from 0.5% to 1% depending on the amount you have invested.
About the Crypto Coins
Bitcoin Cash (BCH) is based on the Bitcoin blockchain and was created after the split of Bitcoin. It comes with a new governance model and higher capacity for transactions.
Ether (ETH) was developed by the Swiss Ethereum Foundation. It has its own unique blockchain and platform that can be used to develop smart contracts and various apps.
Litecoin was developed in 2011. It is nearly identical to Bitcoin but has some unique qualities. For one, the block generation time for it is 2.5 minutes, unlike that of Bitcoin, which is 10 minutes. Besides that, it has a modified user interface and more maximum number of coins.
Ripple (XRP) is the fourth biggest crypto coin by market cap. It is both a crypto coin and a payment system, which aims to compete with systems such as SWIFT.
The CEO of Swissquote, Mark Bürki, recently said, that their initial Bitcoin trading offer had been more successful than they had expected. He said that he wanted the bank to expand the offer and assist investors to diversify their crypto coin portfolio, just like with securities.
What do you think about this latest move by Swissquote? Leave us your thoughts in the comments below.