In the news posted on its website, Swiss crypto-financial services provider, Bitcoin Suisse has levelled up its bank guarantee from an AA-rated Swiss bank to a total of CHF 60 million in response to its more robust client demand recorded in November 2020. According to the report, this upgrade seems to have not only been fuelled by a very high level of client activities but may have also been driven by the Blockchain upgrade, Ethereum 2.
The month of November had witnessed many of Bitcoin Suisse competitors in the crypto space witnessing a backdrop of markets. The same cannot be said for the swiss crypto-providers who did not only record a 15% increase in new clients activity but also saw it’s trading volume plummet above 90% compared to October. The firm continues to witness strong quarterly results in the year, a move which has now seen it increase its guarantee to CHF 60 million.
Ethereum 2.0 is the major driver of Bitcoin Suisse
With Bitcoin Suisse status as one of the large crypto-financial service providers to be fully integrated into Ethereum 2.0 from its launch date and its clients committing over 87,000 ETH($51million) to be part of the Ethereum 2 genesis block, this move has driven demands in the past weeks in the organization.
The valuation of Ethereum stake by Bitcoin Suisse’s customers contributed to about 17% of the ETH that was needed for the launch of the network(Ethereum 2.0) and currently makes up for about 10% stakes in the platform till date. The CEO of Bitcoin Suisse, Dr Arthur Vayloyan, confirms that clients of Bitcoin Suisse contributed over 97,000 ETH, currently valued at over $57million is poised to continue to drive demand.
In Arthur’s official statement, he believes that the performance of the organization in November has shown that they have a competitive edge ahead of its competitors. He credits the crypto space innovations experienced in 2020 with a particular reference to Ethereum 2.0. He further thinks that the organization was poised to handle the demands it witnessed in November due to the structure they have in place, and he hopes that their clients can continue to trust them in future as they have earned it.
Bitcoin Suisse has been the major contributor to the Swiss blockchain ecosystem
Bitcoin Suisse, founded in 2013 by businessmen Niklas Nikolajsen, Fabian Hediger and Andrej Majcen is the Swiss crypto-financial services pioneer and market leader. Headquartered in Zug, Switzerland, it has helped to shape the crypto- and blockchain-ecosystem in Switzerland. It has been a driving force in the development of the ‘Crypto Valley’ and ‘Crypto Nation Switzerland’.
Ethereum 2.0, also known as Serenity or eth2, is a digital upgrade to the Ethereum Block chain which started its operation on December 1, 2020. It is expected to launch in four different phases with the first currently available. The upgrade is expected to improve its economic model, resource usage, and governance. It is also propagated to allow the network process more transactions and analysts believe it may positively affect its pricing over the next few months or years.