The online bank Swissquote became the first bank worldwide to offer services related to ICO tokens. The company will be in charge of purchasing and custodial services of Initial Coin Offering tokens for clients. The information was provided by the company in a press release at the beginning of the week.
Swissquote Offers ICO-Related Services
Swissquote has decided to enter the ICO market by offering different services to its clients. It has been usually a difficult and complicated task to hold all the tokens bought in different ICOs. In this way, users will not have to be worried about custodial services of these assets.
The bank has already been offering crypto-related services since 2016. Since that moment, the market has completely changed. Back at the end of 2017, the number of ICOs reached new record highs. Investors were purchasing different tokens and it was sometimes difficult to store all these assets.
According to the official announcement, users do not necessarily need to know how blockchain and virtual currencies work to enter the market. And indeed, the bank will be offering custodial services to these investors. Swissquote will be taking care of the execution and the custody of the tokens bought.
The first start-up company that has been selected by the bank is LakeDiamond. Its tokens will be supported on the bank’s platform. This ICO produces high-grade diamonds in advanced laboratories with the latest technology.
According to Swisquote CEO Marc Bürki, they follow their philosophy to democratize finance with new services. The minimum investment is 33 Swiss francs (CHF).
About it, Mr Bürki commented:
“True to our philosophy to democratize finance by offering services that are simple and accessible to everyone, we are now offering our clients the opportunity to help grow start-ups. Combining crowdfunding with the blockchain creates a new form of fundraising. Thanks to contributions starting at 33 Swiss francs, clients can participate without being required to invest large sums into venture capital or private equity funds.”
Swissquote bank is a regulated entity. It holds a banking license issued by the supervisory authority of Switzerland, the Swiss Federal Financial Market Supervisory Authority (FINMA). Additionally, the financial institution is a member of the Swiss Bankers Association.
Although the ICO market has slowed down, in the future there could be many other projects being developed. It is important to know that there are institutions that are working so as to improve access to tokens and ICOs.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
