Switzerland’s leading banking group Swissquote Group Holding SA has become the world’s first bank to allow its clients to participate in Initial Coin Offerings.
According to a report published October 22 by online trading news outlet LeapRate, Swissquote has launched a service that would provide customers the opportunity to take part in ICOs. As explained in the announcement, using their bank accounts, Swissquote clients will now be able to directly buy ICO tokens against Swiss francs, with the execution and custody of the purchased digital assets to be facilitated by the bank.
As Swissquote CEO Marc Burki commented in the announcement:
“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.”
Detailing the bank’s initiative, Swissquote named LakeDiamond as the first ICO project to be incorporated in its newly launched service, which is set to issue a total of 60.5 million Swiss francs worth of tokens.
As LakeDiamond CEO Pascal Gallo added:
“LakeDiamond has developed and continues to develop its cutting-edge technology combining lab-grown ultra-pure diamonds and high-end industrial applications. With its ICO, LakeDiamond is seeking to accelerate its growth and is delighted to be the first company using the new ICO services offered by Swissquote.”
Swissquote’s announcement marks the European country’s latest step towards the widespread adoption of the nascent technology in a bid to become a global blockchain hub.
Earlier this month, digital asset firm Crypto Finance has received the Swiss Financial Market Supervisory Authority’s (FINMA) regulatory approval, making the platform’s Crypto Fund the first to receive an asset management license.
In February, FINMA has also set guidelines on how to apply financial market legislation in dealing with ICO inquiries, in an effort to provide regulatory clarity for market participants.