Online trading platform Swissquote has launched a cryptocurrency exchange called SQX that aims to provide a more competitive and secure trading environment.
Unlike other crypto exchanges, SQX says that it prides itself on being a centralised trading platform as it believes that currency markets function on the back of long-standing bilateral relationships.
As such, Swissquote added that SQX’s new central order book, which sources and aggregates liquidity from different liquidity hubs, will allow it to source the best liquidity conditions from decentralised crypto markets — resulting in more competitive bid and ask prices.
The Bancor Network Token (BNT) will be available on SQX in the initial phase and other cryptocurrencies available at Swissquote will be added gradually. Clients will not see any changes to the front end of the Swissquote trading platform.
“The launch of our own crypto exchange is an important step forward in offering our customers deeper liquidity and faster execution. In terms of services for institutional clients, SQX also represents an increase in competitiveness when it comes to offering trading and custody services to other banks and brokers.”
said Marc Bürki, CEO of Swissquote.
Featured image credit: Edited from Unsplash
