The leading digital Switzerland-based bank Swissquote Group Holding SA will reportedly become the first bank in the world to provide its clients with the opportunity to take part in initial coin offerings (ICOs).
A Serious Breakthrough
Up until today, if a user wanted to participate in an ICO, they would need to have a basic understanding of the technology and, at the very least, own a blockchain wallet.
However, leading online bank Swissquote announced yesterday that it will enable its users to purchase ICO tokens directly against Swiss francs through their very own bank account. The bank would then handle the execution of the deal and of the custody of the purchased tokens.
Speaking on the matter, Marc Burki, CEO at Swissquote, noted:
True to our philosophy to democratize finance by offering services that are simple and accessible to everyone, we are now offering our clients the opportunity to help grow start-ups. Combining crowdfunding with the blockchain creates a new form of fundraising. Thanks to contributions starting at 33 Swiss francs, clients can participate without being required to invest large sums into venture capital or private equity funds.
The first project that the bank will incorporate in its brand new feature is the ICO called LakeDiamond which is issuing tokens worth a total of 60.5 million Swiss francs.
Progress in the Making
Switzerland is quickly shaping up as an international blockchain hub as the country seems quite receptive of the innovative technology.
Earlier this month, FINMA granted a cryptocurrency fund with a regular asset management license, putting it in the same basket as other non-crypto asset managers.
Apart from that, back in February, the country’s financial watchdog also introduced ICO regulations which shed a lot of legislative clarity on the matter.
What do you think of Swissquote allowing its clients to participate in ICOs directly? Don’t hesitate to let us know in the comments below!
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