Online bank Swissquote rolls out bitcoin trading service

Online bank Swissquote rolls out bitcoin trading service

Switzerland is well on its way to joining other digital currency trading friendly countries.

Online bank Swissquote rolls out bitcoin trading serviceOn Friday, online bank Swissquote announced that it has partnered with Bitstamp to offer bitcoin trading with euro and U.S. dollar on its platform. Under the agreement, Bitstamp will provide a full-stack solution for all of Swissquote’s requirements. The two companies plan to expand their partnership in the future “as Bitstamp brings Swissquote’s range of services to its customers.”

Luxembourg-based Bitstamp is Europe’s first licensed digital currency exchange, while Gland-based Swissquote provides online financial and trading services in Switzerland and also has offices in Zurich, Bern, Dubai, Malta, Hong Kong and London.

CEO Marc Bürki said it’s Swissquote’s “first foray into the world of bitcoin,” which was why the company sought to work with a partner like Bitstamp, whose “focus on regulation and compliance, as well as its payment institution license, made it the standout choice for our needs.”

“The strong potential shown by digital currencies in their relatively short history has led to traditional financial markets looking for ways to get involved,” said Bitstamp CEO Nejc Kodrič.

Swissquote is the second Swiss bank to introduce bitcoin-related services.

Last week, boutique investment firm Falcon Private Bank started offering a blockchain asset management service, which allows its clients to exchange and hold bitcoins via the bank using their cash holdings. The product is approved by the state regulator Swiss Financial Market Supervisory Authority (FINMA).

Meanwhile in the United States, the Commodity Futures Trading Commission’s (CFTC) granted bitcoin options service LedgerX the status of a swap execution facility, which allows the Google Ventures-backed company to become the first federally regulated bitcoin options exchange and clearing house to list and clear fully-collateralized, physically-settled bitcoin options for the institutional market.”

Current bitcoin price

After losing about a third of its value since peaking at $3,000, bitcoin bounced back on Tuesday, when its trading price reached $,240.80 per coin.