Switzerland-based online financial services provider, Swissquote, revealed that it is launching its own cryptocurrency exchange SQX.
According to the official announcement, SQX is a centralized crypto trading venue. Swissquote highlighted that it will enhance customers’ experience in the areas of “trading, execution and liquidity.”
Marc Bürki, CEO of Swissquote, commented:
Swissquote is at the forefront of innovation and was one of the first institutions in Europe with a banking license to offer cryptocurrency trading. The launch of our own crypto exchange is an important step forward in offering our customers deeper liquidity and faster execution. In terms of services for institutional clients, SQX also represents an increase in competitiveness when it comes to offering trading and custody services to other banks and brokers.
Initially, Bancor Network (BNT) will be available on SQX and other cryptos available on Swissquote will gradually be added to the exchange.
Swissquote recently reported a 23% dip in its operating revenue for the first half of 2022.
