Swissquote is expanding its business with cryptocurrency providers. The online bank's clients can now invest their Swiss francs directly in initial coin offerings.
The Swiss bank is letting clients buy digital tokens through its online accounts in legal tender, Swissquote said in a statement on Monday. Swissquote claims it is the first bank to allow clients to do so; the minimum investment size is 33 Swiss francs ($33).
Until now, investing in initial coin offerings, or ICOs, was tied to already owning bitcoin or ether currencies – investors needed a blockchain wallet in order to do so. Swissquote said it will take care of execution as well as custody of the tokens.
The bank will put its new offering into practice with Lakediamond, a Swiss crypto start-up that is seeking to raise 60.5 million francs with an ICO. Lakediamond is a spin-off from Lausanne's prestigious tech university EPFL and manufactures artificial diamonds for industrial use.
