Buy bitcoin in Switzerland? Swissquote plans Bitcoin marketplace!

Although Switzerland is known worldwide for its financial system and its confidential banks, it has long held back when it comes to cryptocurrencies. But Swissquote’s plans could change that now.

Marketplace and order book

Swissquote Group Holding SA is a Swiss banking group that specializes in providing online financial and trading services as well as IT solutions for securities trading. Now the online bank is also planning to enter the crypto trading market. And now it comes: Swissquote plans to open its own crypto exchange as early as the first half of 2022. This is an online platform for buyers and sellers who want to trade crypto currencies in other digital currencies or fiat currencies – without an intermediary broker – at current market prices.
As it stands, Swissquote takes over the matching of the order book. That means, based on the current status of all information, the solution will look something like this in the future, like the marketplace of Bitcoin.de.

Late but still a first mover?

The sales director of Swissquote emphasizes that it plans to establish itself as the leading Swiss provider of digital assets. It benefits from the fact that the long-established Swiss banks in particular have so far mostly only viewed the crypto business from a distance and have not yet built their own infrastructure. A business model for Swissquote could result from appropriate cooperation. A list of Bitcoin services that worked well in Switzerland can be found here.

However, other providers have not waited so long and are in competition with the Swissquote project. For example, the Swiss financial infrastructure group SIX has already put its fully licensed digital exchange SDX into operation. The Berner Kantonalbank also already operates the SMEIX platform, on which tokenized small caps are listed. The crypto bank Sygnum has already taken preparatory measures. She has already received approval from the supervisory authority to put her new trading system into operation, which makes an exchange for crypto assets possible.

Deutsche Börse is also involved. She bought the Swiss fintech Crypto Finance in the summer of 2021. This means that it is in the race for dominance in digital assets.

100 jobs thanks to Bitcoin

Nevertheless, it looks good for Swissquote. So she cannot save herself from inquiries at the moment. If there were still capacity problems in the spring that led to long waiting times, Swissquote has now hired over 100 new employees to guarantee the appropriate service. In most cases, it is now possible to open an account within one day. It rarely takes a week or more.

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Buy bitcoin in Switzerland? Swissquote plans Bitcoin marketplace!

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