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Swissquote Plans To Store Crypto In Military Bunker

By

Nicholas

Ruggieri

WriterETHNews.com

The platform may have nuke-proof servers, but it’s hardly Switzerland’s first upcoming crypto storage service.

The online banking and trading platform Swissquote, along with its partner, Crypto Storage AG, has announced the March 21 launch of the platform's cryptocurrency storage service. Users will be able to transfer their crypto from external wallets to a Swissquote account, where their assets will be held on Crypto Storage AG servers located in what the storage company's CEO Stijn Vander told CoinDesk is a nuclear weapon-proof, former military bunker in the Swiss Alps.

Swissquote, which gives users online access to financial products like bonds, options, and futures, called the upcoming storage feature an expansion of the bevy of crypto-related services the platform has added over the last three years. In July 2017, Swissquote made its first foray into the world of bitcoin when it partnered with crypto exchange Bitstamp to allow its customers to exchange bitcoin for fiat, including the euro and the US dollar.

Later that same year, in December, Swissquote added Ripple, Ether, Litecoin, and bitcoin cash to the list of exchangeable assets on its platform. Swissquote later attributed a 44 percent increase in its profits to the crypto boom associated with the expansion of its exchangeable virtual assets.

Lastly, just a year ago, in March 2018, the platform announced it had partnered with Swiss stock exchange SIX, making it possible for its users to invest in bitcoin, bitcoin cash, Ether, or Litecoin. Specifically, Swissquote believed that by offering investment opportunities in the four cryptocurrencies with the highest trading volume and highest market capitalization (at the time of its announcement), investors would be "less exposed to the risks of potential losses."

In its most recent announcement, Swissquote hopes the crypto storage service will let the company "become a secure and technologically fully integrated cryptocurrency trading platform and depository for private and institutional clients alike." The platform's upcoming storage service, however, will have plenty of Swiss competition. In December 2018, Gazprombank (Switzerland) announced that it would begin to develop wallet storage and crypto investment programs for its clients to be offered in 2019. And just this February, Swiss bank Julius Baer and cryptocurrency banking startup SEBA Crypto AG partnered together to bring storage, transaction, and investment solutions for those holding digital assets.

Nicholas Ruggieri

Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his dogs, RT and Peterman.

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