Twelve cryptocurrencies can be bought and sold via Luxembourg-Swiss online bank Swissquote Bank Europe Shutterstock

Twelve cryptocurrencies can be bought and sold via Luxembourg-Swiss online bank Swissquote Bank Europe Shutterstock

“Having to transfer money to service providers outside the European Union to buy crypto-currencies is a problem that has prevented many investors from taking the first step into buying digital assets,” Swissquote Bank Europe CEO Dave Sparvell said in a statement. “With Swissquote Bank Europe, clients can manage their entire portfolio of currencies, crypto-currencies, stocks, ETFs and funds from a single account with a European bank they trust.”

The online bank will be the first bank in the EU to offer the ability to buy and sell 12 currencies, including bitcoin and ethereum, but also XRP, litecoin, chainlink, stellar, bitcoin cash, EOS, tezos, 0x, ethereum classic and augur. And this 24 hours a day, 7 days a week, with a commission of 0.5% to 1% depending on the size of the transaction, which itself can range from €25 to €50,000.

In addition to deposit protection on fiat currency account balances up to €100,000--under Luxembourg law--the bank, previously known as Internaxx Bank, also promises real-time trading and conversions in dollars and euros, but also the ability to borrow against the value of investments, including cryptos, at less than 2%.

Swissquote Bank Europe will also launch institutional crypto services during 2021 in anticipation of increased institutional demand for crypto asset services in Luxembourg and the EU.

This article was originally published in French on Paperjam.lu. It has been translated and edited for Delano

Updated on 15 March at 1:45pm for clarification about service and bank.