Swissquote Confirms European Expansion Plan, Focusing on Crypto

Swissquote Confirms European Expansion Plan, Focusing on Crypto

It is going to introduce crypto staking and lending services ‘soon’.

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. It is also 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 is already offering cryptocurrency trading for years, and now it is going to expand the services with the launch of crypto staking and lending services. It, however, 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. It recently 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 also 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 groups forex 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 further exploring international expansion strategies, including the possibilities of opening new offices in Europe.

Meanwhile, the group also turned solid financials for many past consecutive quarters. As Finance Magnates reported earlier, Swissquotes 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.