Swissquote Bank's H1 net profit falls due to ‘significant’ decline in crypto trading business

Cryptocurrency • August 6, 2019, 8:25AM EDT
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Swissquote Bank, an online banking service, has reported 14.3% drop in net profit in the first half of this year, due to a “significant” year-on-year decline in cryptocurrency trading business, among other factors.

The net profit stands lower at 22 million Swiss francs (~$22.55 million) as of June 2019 as compared to 25.7 million Swiss francs (~$26.34 million) in the same period of the previous year, according to a statement Tuesday. The drop in cryptocurrency trading business also led to a 17.9 decline in net fee and commission income. 

Swissquote started offering cryptocurrency trading service back in 2017, supporting five coins - bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH) and XRP. Earlier this year, the bank also announced the launch of cryptocurrency custody service for both retail and institutional customers, in an association with Crypto Storage AG.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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