The leading Swiss broker for digital investments earned massively more in the past semester. The downward markets for Bitcoin & Co have let sales take off.
In the first half of 2021, Bitcoin Suisse achieved its highest half-year sales and profit since it was founded in 2013. This comes from a letter to the investors of the Zug-based startup.
Leap in yield
The total income came to 70.3 million francs in the first, compared to 14.3 million francs in the same period of the previous year. This five-fold jump was mainly due to an increase in trading commissions and higher income from other services such as staking, a popular alternative to mining cryptocurrencies, the broker explained.
Bitcoin Suisse was able to draw on plenty of volume. In trade, sales rose by 390 percent in the second quarter compared to the previous year, thanks to a very active clientele. Fintech has shown that it is very popular with its customers even in an adverse environment: In the first half of the year, the most important crypto currency Bitcoin fell by around 40 percent, while the overall market fell by 20 percent.
New staff members
After a pilot program, Bitcoin Suisse has also put crypto payments into operation in the infrastructure of the French payment company Worldline. With the new payment solution, 85,000 merchants in Switzerland can now offer their customers the opportunity to pay with Bitcoin and Ether as easily as with other traditional means of payment, it said.
At the same time, Bitcoin Suisse undertook to realign the organization and make changes in leadership, especially in risk management, as well finews.ch reported last August. Sven Ramspott, who is newly responsible for the area started work this September. The new operational chief (COO) Peter Camenzind and the head of the legal department Ricardo Schlatter join in November.
The management now heads a workforce of 260 employees.
The communiqué is silent regarding a Swiss banking license, which has so far remained inaccessible to Bitcoin Suisse. Fintech, on the other hand, observes that crypto financial technology and digital assets are evolving rapidly, customer demand remains high, and the market appears to be growing exponentially.
“At Bitcoin Suisse we are constantly developing our technologies and our talents – by investing in people, systems and processes in order to stay at the forefront of this dynamic industry,” promised the company management around the president Niklas Nikolajsen and CEO Arthur Vayloyan.
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