Swissquote Launches SQX, Its Own Crypto Exchange

Summary:
• Swissquote has finally launched its crypto exchange, but why now and what does it bring? We discuss this in detail.

Swissquote, the multi-asset trading company, has announced the launch of its much-anticipated cryptocurrency exchange, SQX. As a centralized cryptocurrency trading platform, SQX aims to vastly improve its users’ trading, execution, and liquidity experiences. Furthermore, Swissquote claims that the exchange’s clients and Swissquote itself contribute to the exchange’s liquidity, resulting in lower pricing for everyone involved.

Why has Swissquote launched the exchange in the middle of crypto winter?

Swissquote’s specialties include trading on global stock exchanges, trading and custody of cryptocurrency; trading on the foreign exchange market; and providing Robo-Advisor services. The company revealed its plan to launch its own crypto exchange in December 2021, when the crypto market performance had recently hit all-time highs.

The decision to launch the exchange at a time when the market is struggling with a historic crypto winter indicates that the company has great confidence in a turnaround. Swiss financial institutions have generally been reluctant to engage with cryptocurrencies, especially due to compliance concerns. This has given Swiss online brokers a significant head start in the industry.

Swissquote was among the first European financial institutions to facilitate bitcoin transactions. With SQX, banks and brokers have an advantage over their competitors when it comes to providing trading and custody services to institutional clients. Swissquote is a bank with licenses from the Swiss Financial Market Supervisory Authority (FINMA) and Luxembourg’s Financial Market Supervisory (CSSF). Swissquote Group Holding Ltd is a publicly traded corporation whose parent is listed on the SIX Swiss Exchange (SWX:SQN)

SQX exchange will first support Bancor Network (BNT). The company also made sure that other cryptocurrencies previously listed on Swissquite would be available on the new cryptocurrency exchange. Institutional clients already using Swissquote can now look for an enhanced experience in trading crypto on the platform. With faster transaction speeds and higher liquidity, it can only get better for them.