Online Bank Swissquote Begins Offering Clients Access to ICOs
Swissquote, a provider of online financial and trading services in Switzerland, has announced that its customers can now participate in initial coin offerings through its platform. The bank takes care of the implementation and also the custody of tokens. In addition, the bank delivers the trading of five main cryptocurrencies.
Swiss online bank Swissquote declared on Monday it has become”the first bank worldwide to offer its customers the opportunity to take part in initial coin offerings (ICOs).” Using its new service, the company described:
Clients can purchase coins (also named ‘tokens’) issued by a company directly against Swiss francs, using their trading account. Swissquote takes care of the execution as well as of the custody of the tokens.
Swissquote, a Part of the Swiss Bankers Association, holds a banking license issued by the Swiss Federal Financial Market Supervisory Authority (FINMA). Its parent company, Swissquote Group Holding Ltd., is listed on the SIX Swiss Exchange.
The first ICO the lender has chosen to record on its platform is issued by Lakediamond. Integrated in 2015, the Korean startup clarified that it was built”on years of research at EPFL (Swiss Federal Institute of Technology in Lausanne).” In addition, the business asserts it is”growing reactors capable of growing ultra-pure diamonds, and researching possible high-tech industrial applications”
Currently, the choice to sell tokens is inaccessible. But, Swissquote noted it will use Lakediamond to permit clients to market their tokens from within their trading account. The bank further claimed,”It’s also possible that a third party cryptocurrency exchange will enable the trading of Lakediamond tokens.”
Terms for Listing ICOs
On Its Own website, Swissquote Clarified that it’s”strict Standards that Firms Will Need to Meet” Due to their tokens to be Recorded on Its Own platform, Saying:
We consider only mature projects, ready to be launched, and want to review who the management is, what the business is, what the financials are and what the legal situation is. Then, we select the projects that we think will be of interest to our clients.
For ICO issuers, the lender provides lots of services like banking, anti-money laundering (AML), know-your-customer (KYC), communications and promotion.
The banking services include”accounts, payments, foreign exchange, securities trading, etc,” the lender comprehensive, adding it also provides cryptocurrency solutions including trading and custody. The lender noted:
Customers need to have a Swissquote trading account to participate in a token pre-sale.