The Swiss broker for digital assets posted a strong half year, as sinking crypto prices let its revenues soar.
Bitcoin Suisse’s revenue jumped to 70.3 million Swiss francs ($76 million) from 14.3 million francs in the first half of the year, the company said in a shareholder update. The Zug-based company said profit was at an eight-year record but didn’t disclose the number.
Despite the sharp price drop in bitcoin and in other digital currencies earlier this year, the company had high commissions from trading. The start-up continues to grow with its employee number swelling to 230 from 120 year-ago, the company said.
Setback Vs Growth
Last month Bitcoin Suisse underwent a management shake-up, replacing top positions in its legal, compliance, and risk practices. This came after the start-up withdrew its application with Swiss financial regulator Finma for a banking license over the regulator’s concerns that it wasn’t doing enough to address money laundering.
