After reporting solid earnings through 2021, Swissquote will launch its crypto staking and lending service as part of the European expansion plan.
Having a global presence in Luxembourg, United Kingdom, UAE, Hong Kong, Singapore, and Malta, Swissquote does not stop there and continues to expand to other countries, including the possibility of opening new offices in Europe.
Therefore, Swissquote recently confirmed its ambition to expand its business scope to Europe through CFD and crypto markets.
Launching Crypto Staking and Lending Service
As part of its expansion plans, the Swiss group will make several structural changes in its retail business in Europe, by launching an extensive single share CFD offering to expand existing brokerage services. However, Swissquote's main goal is to enlarge its crypto division.
Specifically, Swissquote Bank Europe (Luxembourg) focuses on trading equities and cryptocurrencies in the European Union, while London-based Swissquote Ltd will continue to function as a center for developing forex and CFD businesses outside the European market. The company has been offering cryptocurrency trading for years, but in 2021 they will add crypto staking and lending services.
Welcoming the development of the product line, Swissquote has long since started the promotion. Not long ago, they signed a three-year contract with UEFA to sponsor two football leagues, Europa League and Europa Conference League.
On the other hand, the group reported solid financial earnings over the last few quarters with net income reaches 64.5 percent higher than the first half of 2021. Not to mention the profit before tax which hit CHF134.6 million, up 130 percent in a year.