Crypto News / Cryptocurrency / Forex · October 9, 2021

Swissquote Has Confirmed Its Expansion In Europe

A publicly traded online broker and bank, Swissquote, confirmed recently that it has plans for a future expansion to Europe and further revealed that it would be venturing into the crypto and CFDs markets.

Based on the release from the company, it will soon offer a comprehensive large-scale Single Stock CFD, extending its current brokerage capabilities even further. The firm is also making plans to enhance the services it offers by improving the features of the PATP – Proprietary Advanced Trader Platform, which uses the Charting System capabilities of Trading View.

The broker, however, is channeling these efforts on the budding crypto markets.

The broker has already been offering services around crypto trading for a number of years, and its plan currently is to expand its offering to crypto staking and crypto lending. However, there were no specific dates attached with these plans of introducing the new crypto products.

The Switzerland-based company has started its brand promotions ahead of the expansion of its product line. The company signed a deal for three years with UEFA by sponsoring two of the football leagues in Europe, namely UEFA Europa Conference League and UEFA Europa League.

The Company Structural Change

Part of the plan of expansion for the firm is that there will be few changes in the structure of the retail businesses in Europe.

The Swissquote Bank Europe in Luxembourg will now concentrate its activities on equity and crypto trading in the EU jurisdictions, as detailed by the firm. The Swissquote Ltd based in London will remain the main location for the CFDs and Forex business development of the group outside the European Union Markets.

Swissquote has already registered its presence with international entities in the United Kingdom, Hong Kong, UAE, Singapore, Malta, and Luxembourg. This group, however, has been coming up with strategies for international expansion, including the possibility of establishing new offices in Europe.

Meanwhile, it was reported that the Swiss group created solid grounds in its financial as seen in the past few consecutive quarters. Based on the report revealed, the net revenues for Swissquote surged by 64.5% in the first half of the year 2021, and the profit before tax has risen to about 134.6 million CHF being 130% in just a year.