Swissquote, Switzerland’s biggest online bank, had a record profit in 2018. This was partly due to the introduction of cryptocurrency trading on its platform.

Swissquote, the Gland-based online bank, increased its pretax profit by 16 percent to 53.3 million Swiss francs ($54.7 million) in 2018, the company said in a statement released on Thursday. Revenue rose about 15 percent to 214 million francs.

The result is a record and it doesn’t yet include the figures of Internaxx Bank in Luxembourg, acquired in August. The transaction is likely to be completed by the end of the first quarter, once authorities in Luxembourg and the European Union have issued their approval. The full result of Swissqoute is slated for March 8.

Cryptocurrency Boost

The earnings growth was due to significantly improved results in its traditional business of trading and foreign exchange, Swissquote said. Furthermore, the company profited from the successful introduction of cryptocurrency trading. Swissquote claims to be the first European online bank to offer this service, allowing to trade digital currencies on its platform for the past one-and-a-half years.