Online trading

Swissquote acquires Keytrade to become the leader in online trading in Luxembourg

Indeed, Keytrade Bank Luxembourg has forged a solid position on the country’s market over the years, with approximately 8,200 customers and 1.7 billion euros in assets on deposit.

The Swissquote group has acquired Keytrade Bank Luxembourg via its Luxembourg subsidiary and the transaction is expected to be finalized in the first half of 2022.

This strategic decision aims to place Swissquote at the forefront of e-commerce and investment banking in Luxembourg, as the commercial group considers new initiatives in Europe.

The undisputed leader in digital investment services in Luxembourg

Marc Bürki, Chief Executive Officer of Swissquote, said: “With the acquisition of Keytrade Bank Luxembourg, we will strengthen our European expansion. In addition, we will continue to develop our service offering to meet the needs of institutional and private clients in
Luxembourg and the European Union. We will combine the strengths of both institutions – Swissquote Bank Europe and Keytrade Bank Luxembourg – to become the undisputed leader in digital investment services in Luxembourg.

Indeed, Keytrade Bank Luxembourg has forged a solid position on the country’s market over the years, with approximately 8,200 customers and 1.7 billion euros in assets on deposit.

The bank has been in business since 1999 and the majority of its employees will retain their jobs while transitioning to Swissquote Bank Europe once the transaction is finalized later this year.

Terms of the deal have not yet been disclosed, but Swissquote bank will do so once it publishes its 2021 annual results on March 17, 2022. The purchase price, however, may not be shared with the public. The acquisition is still subject to regulatory approval by the CSSF, ECB and FINMA.

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Swissquote goes further in crypto

The online trading group, which has more than three million financial products across all asset classes, namely global stock markets and currency trading, has decided to dive into crypto, namely trading and custody of digital assets.

Swissquote recently announced the upcoming launch of its crypto exchange, which will go live before June 2022. The venue will offer stablecoins and staking services, which are currently in high demand, to the list of cryptocurrency offerings.

The crypto rush has taken over the markets and Swissquote wants to meet this strong demand, with its compliance and customer service teams giving full attention to the emerging asset class.

The brokerage company already allows its clients to trade CFDs on 24 cryptocurrencies: Bitcoin, ethereum, litecoin, XRP, bitcoin cash, chainlink, ethereum classic, EOS, stellar, tezos, augur, ox, cardano, uniswap, aave , cosmos, algorand, filecoin, maker, compound, year.finance, dogecoin, polkadot and solana.