Luxembourg-based Swissquote Bank Europe has added support for Cardano, Uniswap, Filecoin, Aave and several other cryptocurrencies, according to its April 27 announcement.
The fully regulated online bank launched its cryptocurrency trading service in mid-March. It will allow clients to buy and sell a total of 12 cryptocurrencies, a first for an EU bank.
Apart from crypto, it also offers exposure to various equities, mutual funds, exchange-traded funds and a slew of fiat currencies. CEO Dave Sparvell expects cryptocurrency traders to diversify their holdings with some of the traditional investment vehicles:
We expect to see clients both actively trade the volatile cryptocurrency markets, as well as diversify their existing portfolios of international stocks, ETFs and investment funds into this emerging asset class.
One of the main perks offered by Swissquote Bank Europe is deposit protection that, according to local laws, covers exchanges' balances as high as €100,000.
Later in 2021, the Luxembourg banking entity will also introduce cryptocurrency-focused services that will be specifically designed for institutional investors.
Alex DovbnyaSwissquote's crypto journey
Swissquote, a major Swiss banking group, has been in crypto for quite a while. Back in November, it became Europe's first online bank to offer Bitcoin trading after partnering with cryptocurrency exchange Bitstamp.
In November 2017, it launched an exchange-traded product that aims to tame Bitcoin volatility by shifting clients' funds between cash and crypto-based currencies on specific algorithms.
In 2019, it also entered the then-obscure field of cryptocurrency custody.
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