Swissquote Bank, an online banking service, has reported 14.3% drop in net profit in the first half of this year, due to a “significant” year-on-year decline in cryptocurrency trading business, among other factors.
The net profit stands lower at 22 million Swiss francs (~$22.55 million) as of June 2019 as compared to 25.7 million Swiss francs (~$26.34 million) in the same period of the previous year, according to a statement Tuesday. The drop in cryptocurrency trading business also led to a 17.9 decline in net fee and commission income.
Swissquote started offering cryptocurrency trading service back in 2017, supporting five coins - bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH) and XRP. Earlier this year, the bank also announced the launch of cryptocurrency custody service for both retail and institutional customers, in an association with Crypto Storage AG.