Bitcoin Suisse Records Strong Client Momentum and Increases Bank Guarantee to CHF 60 Million
Dec 9, 2020 - 2 min read
Zug; December 8, 2020 – Bitcoin Suisse recorded very high levels of client activity in November 2020 and has increased the bank guarantee from an AA-rated Swiss bank to a total of CHF 60 million in response to this stronger client demand, driven in part by the upgrade to ETH2.
Bitcoin Suisse has a bank guarantee from an AA-rated Swiss bank to support its client business. Following significant growth in client activity in recent months, the company has decided to increase the guarantee to CHF 60 million.
Against the backdrop of buoyant markets in November, Bitcoin Suisse recorded a big increase in new client accounts (up more than 15% month-over-month) and trading volume almost doubled compared to October. This follows on the already strong results for the first three quarters of 2020.
The upgrade to Ethereum 2 was an important driver of demand in recent weeks. Bitcoin Suisse was one of the few large crypto-financial service providers to be fully ready with ETH2 staking from the go-live date, and its clients have committed over 87,000 ETH, currently valued at around USD 51 million, to be part of the Ethereum 2 genesis block. This corresponded to 17% of the ETH that was needed for the launch of ETH2 and 25% of the total commitments as of November 23, 2020, one day before the official deadline to be included in the successful launch on December 1. Clients can continue to stake ETH2 through the Bitcoin Suisse Online platform. As of now, clients of Bitcoin Suisse contributed over 97’000 ETH, currently valued at over USD 57 million, or around 8% of total staked ETH2 as of December 8.
Dr. Arthur Vayloyan, CEO of Bitcoin Suisse, stated: “Our performance in November demonstrates our business principles and our competitive edge. This year has brought a lot of innovation to the crypto space, namely in DeFi and most recently with the launch of Ethereum 2. We are a strong and reliable partner that helps clients to identify and realize attractive opportunities in the crypto markets when they arise. Thanks to our experience and our scalable and robust platform, we are able to respond quickly to client demand.”