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Switzerland's Dukascopy Bank Receives Authorization To Offer Crypto Custody Services
The broker received the green light from Switzerland's FINMA. Savings account owners have access to crypto fiduciary services.
Himanshu S.
6:35 6th May, 2022
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Dukascopy Bank, a Swiss financial trading services provider, announced on Thursday that it had been granted authorization from the Swiss financial regulator, FINMA, to provide its customers with exchange of  cryptocurrencies  and fiduciary deposits in digital assets allowing investment and custody of cryptos on behalf of clients.

Clients with Savings accounts enjoy all the same benefits as private clients when it comes to fiduciary services. Anyone planning to deposit over $100,000 can request a Savings account from MCA. In addition, Dukascopy Bank noted that different options for investments in cryptocurrencies are already operational.

A recent interim financial update by Dukascopy Bank revealed the state of its business in the first four months of 2022. Revenue in the period was CHF 10.3 million ($10.5 million), which is more than 30% higher than the previous year. Despite reporting revenue that was marginally lower than its prior six-month income, the Swiss brokerage operator has significantly improved its performance in the last four months.

Also, Dukascopy reported that the first four months of 2021 saw operating profits exceed CHF 4.2 million by 133%. Furthermore, over CHF 3.5 million in net profit was achieved during the period, another increase of 150% on a yearly basis.

Following the firm's disappointing 2021 financial results, the latest figures come as a disappointment. This year, the company earned CHF 2.1 million in net profit, down from CHF 10.4 million in 2020. Nearly 80% of the company's profit was lost over the last year.

However, during the early pandemic months, all trading platforms, including Dukascopy, benefited astronomically from the surge of retail trading activity. Interestingly, Dukascopy's profits in 2021 fell in line with pre-pandemic levels; the company earned CHF 2.2 million in 2019.

In the meantime, client deposits on the  trading platform  increased significantly last year. It closed the year with client assets of CHF 125.9 million, which was significantly higher than CHF 105.3 million in 2020 and CHF 102.1 million in 2019. During the first four months of 2022, this figure increased by 1.8%.

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