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Swissquote talked to 99Bitcoins exclusively about its outlook for Q2 and 2025, MiCA, and crypto regulation in Switzerland and Luxembourg, during the Paris Blockchain Week 2025. Kevin Riou, senior manager of institutional business development at Swissquote, even discussed the impact of Donald Trump’s tariffs and Bitcoin volatility and said, “Last year the US launched ETFs on Bitcoin and on Ethereum. They will probably launch ETFs in Solana as well. Now the crypto market is 100% correlated to the traditional market.”
Last year, 99Bitcoins reported that Swissquote tripled its crypto revenue. A boost in crypto market capitalization and greater trading volumes drove the online Swiss bank’s net revenue from crypto assets, to skyrocket by 369% to CHF 35.1 million ($40.6 million). Based on how your bank has performed last year, what is your outlook for Q2 and 2025?
In terms of our outlook, we are 100% dependent on the market. Everything mainly depends on the volatility of the market, and the price of Bitcoin for sure. Bitcoin is the main driver for the revenue and trading activity.
Because of Donald Trump’s announcements, we are seeing volatility. The Bitcoin was not decorrelated to the markets – that was the case maybe two or three years ago. But last year the US just launched ETFs on Bitcoin and on Ethereum. They will probably launch ETFs in Solana as well. Now the crypto market is 100% correlated to the traditional market.
Swissquote Group has different entities. We have one in Switzerland, the historical bank, leveraging the Swiss banking license with retail and institutional clients. And we have another one in Luxembourg, serving, I think, the whole European market. We do serve both retail and institutional clients. And crypto is becoming more and more important. As you can just see on our annual report, in terms of revenue for trading, it’s increasing a lot and now it’s really important for us. And in terms of assets, it’s 10% of our assets under custody right now. So, crypto is becoming very critical, and if you consider that we have been in this field since 2017. Still quite recent. But we were one of the very first ones in Switzerland.
Are you expecting better results than last year? Are you positive?
“We are positive for sure. That’s what we announced to the market when we presented the outlook for next year. So we plan to outperform the results of last year. That’s the target. I can’t be more precise because it’s just April 6th. I can’t say figures publicly yet.”
What do you have to say about MiCA?
“It’s probably not the perfect regulation, but at least we have one.I think there was pressure from the all the bankers and the all the blockchain and crypto market in Europe to have a regulation. We asked for it, we pushed for it. Everybody is complaining about the content of the regulation.
But at least we have something. If you compare the situation in Europe from what we have in the US for example – we are still waiting for the regulation to come.
Trump is supposed to deliver a regulation but it’s still not the case as of today. He was elected in November, we don’t have anything right now. So if you compare the situation between the US and the Europe, I would say if you want to invest a lot in crypto, you probably have uh a bit more investors in the US, but the environment in order to invest probably better in Europe at the moment.
MiCA is not perfect. It doesn’t help us with stablecoin for example. A lot of players had to leave the market. It’s not easy for small players to come right now. So this is a big issue. There are lots of issues that we have to tackle. But at least we have something.”
Swissquote is based in Switzerland, now even in Luxembourg for the European market. Its regulated by FINMA in Switzerland and by CSSF in Luxembourg. So does that give you an edge over other banks when it comes to crypto regulation?
“FINMA is very supportive. Switzerland, in general, even in terms of taxation, in terms of regulation- it welcomed the crypto market in 2016, 2017. So they leveraged on all the companies that got created at that time. And still today, you have the ecosystem in Switzerland. It’s similar in Luxembourg – the CSSF were very supportive.
It’s important to have regulators that understand the interest in crypto and the importance of this market for the future. I’m talking about crypto but maybe it’s the same for blockchain.
Swissquote was of the first banks to start offering crypto services. There are still not many in the market in Switzerland and Europe. What do you think about the lack of competition.
Exactly, I would say, still today in 2025, there are not so many competitors in the crypto world for banks. We still have competitors in Europe but not so many. We have three or four competitors. So I would say it’s a problem.
For us it’s a good news because clients know us and they come to us, but in the longer term, if we want to grow the crypto market and if we want to have adoption for retail clients and institutional mainly, we need to have competitors. We need to have better prices, we need to be able to compare the offers among the others.”
About SwissQuote
Swissquote is a Swiss-based online bank founded in 1996 by Marc Bürki and Paolo Buzzi. Originally a spin-off from their company Marvel Communications, they were among the first to offer free real-time quotes from the Swiss stock exchange, establishing themselves as an industry pioneer. Listed on the SIX Swiss Exchange (SQN) since 2000, Swissquote now manages over CHF 76 billion in assets and serves more than 650,000 clients globally.
Headquartered in Gland, it operates in financial hubs like London, Dubai, Singapore, and Hong Kong, and is regulated by FINMA. Its services include trading (stocks, forex, crypto), digital banking, robo-advisory, and institutional tools. It’s also behind the Yuh neobank, built with PostFinance, and acquired forex broker MIG Bank in 2013.
Swissquote was the first regulated bank in Europe to offer crypto trading and continues to expand in digital assets, reporting a 353% jump in crypto income in 2024
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