The choice of the altcoins is given by its liquidity and popularity, and goes hand in hand with the success that the bank has had with the offer of bitcoins, which is expected to facilitate access to cryptocurrencies and a demand for services that exceed their expectations
Yesterday, the Swiss banking group Swissquote announced that it had added four altcoins to its online trading platform. In addition to Bitcoin, Swissquote customers can now exchange ethereum, bitcoin cash, litecoin and ripple against trading pairs in euros and US dollars. The bank said it selected these four altcoins based on both consumer demand and liquidity.
Earlier this year, Swissquote partnered with Bitstamp to allow the bank's customers to exchange bitcoins to EUR and USD, and the company said demand for the service had exceeded their expectations.
"Our offer and Bitcoin trade certificate has been a great success and has exceeded our expectations. We are expanding our offer to help investors diversify into cryptocurrencies, just as they do in traditional securities, "said Marc Bürki, CEO of Swissquote, who added:
Cryptocurrencies are increasingly popular, and faster than anyone expected. By offering them on our platform, investing in cryptocurrencies becomes simpler, safer and more accessible to all. "
Cryptocurrencies burst into traditional finance
As this news indicates, 2017 will probably be remembered as the year in which the cryptocurrency began to make its way into the mainstream. Led by Bitcoin, cryptocurrencies have gradually begun to penetrate public opinion, and this process has been reflected in the main finances.
The adoption of cryptocurrencies has been most evident among Fintech startups such as Square Cash and Revolut, each of which has integrated the purchases of bitcoins in its mobile applications. Even applications dedicated to cryptocurrencies, especially Coinbase, have also begun to increase their popularity.
This month, Wall Street made its first foray into the cryptocurrency ecosystem with the launch of Bitcoin futures in two US exchanges. UU However, most major banks have hesitated to commit directly to the cryptocurrency, and some financial institutions continue to refuse to companies related to cryptocurrencies, including Bitcoin exchanges, due to concerns about regulations against money laundering.
Given the fast pace of the market's rise and the fact that it shows no signs of slowing in the short term, at least one industry executive believes that central banks will begin to put Bitcoin on reserve very soon: by 2018.