Swissquote Will Become a Crypto Depository

March 14, 2019

Swissquote, the leading provider of online financial and trading services in Europe, issued a press release announcing their conclusive decision to introduce a crypto custodial service by the end of the present month. This initiative was motivated by their desire to consolidate the progress of cryptocurrency implementation in their operations, which began with the launch of the Swissquote crypto trading platform. Since the time when the bank decided to tap into the realm of blockchain-based digital currencies, it enjoyed a significant increase in profits. Compared to the year 2018, the bank’s net revenue went up by 14%, the net profit increased by 13.8%. More than 110 thousand new accounts had been opened in Swissquote in the first half of 2018 alone.

Certainly, these figures weren’t obtained solely due to the incorporation of the crypto trading option, but it provided a significant boost nonetheless. Therefore, in order to expand the range of provided crypto-related services, the bank partnered with Crypto Storage AG, a Switzerland-based financial technology company, to develop a proprietary crypto custodial solution that relies on the use of state-of-the-art hardware security modules (HSM).

An ultra-secure cryptocurrency storage


Starting from March 21, Swissquote will be granting a possibility for its private and institutional customers to store their private keys, cryptocurrencies, and other digital assets on the cutting-edge HSMs provided by Crypto Storage AG.

Each security module represents a part of an infrastructure developed by the Swiss fintech company for the purposes of providing financial intermediaries, such as the Swissquote bank, with a fully protected and customizable theft-proof physical computing devices, also known as the approval terminals.

Crypto Storage AG developers claim that HMSs provide an incomparably higher protection value than the conventional hardware wallets due to the use of enhanced security standards which imply that a device would sign on a transaction only after it receives a set of approvals from the intermediary, for instance, the Swissquote bank. The customer of the bank will be able to store all ERC-20 compliant tokens as well as an extensive range of other cryptocurrencies, such as Bitcoin, IOTA, Ripple, Litecoin, Dogecoin, Feathercoin, etc.

In the interview dedicated to the partnership deal with Swissqoute, Stijn Vander Straeten, the CEO of Crypto Storage AG, told that the Swiss National Bank, the country’s premier financial institution responsible for issuing the national currency - the Swiss francs (CHF), uses the very same hardware modules to ensure the security of their operations. Moreover, the HMS servers are situated in the Alps in the former military bunker that can even withstand the nuclear explosion.

Swissquote keeps in step with the times


In 2017, the Swiss bank became the first financial institution in Europe to introduce a legally compliant cryptocurrency trading solution. The platform was developed in partnership with Bitstamp, a Luxembourg-based crypto exchange that is regulated by the Swiss Financial Market Supervisory Authority. The platform has been oriented primarily on the brokerage industry, allowing customers to exchange fiat for cryptocurrencies without having to transfer the funds to foreign accounts, but with the introduction of custody, the bank intends to attract more holders of digital assets, both individual and institutional.  

Cryptocurrency: Bitcoin

Estonia's Toughened Crypto Regulation Causes Uproar
Estonia's Toughened Crypto Regulation Causes Uproar

It appears that the time when many blockchain projects pinned high hopes on Estonia as a new crypto haven are over. Once being considered...

Three Utility Tokens Deserve Attention
Three Utility Tokens Deserve Attention

While ICOs are losing their sheen and more projects are moving to an STO issuing model, there are still some gems hidden out there for the astute investor to find...

ICO Value in IP Free World
ICO Value in IP Free World

There are a few components of blockchain technology that go without saying. First among them is decentralization so that no central authority can control the data that runs through the network...

What needed for tokens to appreciate value?
What needed for tokens to appreciate value?

What makes a token valuable? This is a conversation that doe snot happen as often as it should, particularly considering the drastic failure rate of ICOs and how the tokens even from...


Poloniex plans to delist 9 tokens
Poloniex plans to delist 9 tokens

SEC's regulatory actions against unregistered tokens are causing an uproar in the US crypto industry. Nine of the tokens will no longer appear on the Poloniex platform, including DCR...

Community: The Key Ingredient To Every Successful ICO
Community: The Key Ingredient To Every Successful ICO

There are many things that can influence an ICO directly. The technology the project, token or coin is based on being one. Another is the idea...

Your ICO Has Ended
Your ICO Has Ended

Your ICO has done well; you now have your crypto wallets stuffed full of Ether, Bitcoin and Litecoin (and whatever other currency you accepted as a swap for your own tokens). You now finally have...

Year of Repair as ICOs Trend Towards Zero
Year of Repair as ICOs Trend Towards Zero

It seems that 2019 will be the year of repair for ICOs, which may stop existing at all. That is what two prominent analysts in the cryptocurrency industry seem to think...