Bitcoin Suisse doubles trading volumes in November on Ethereum 2.0

The oldest cryptocurrency company in Switzerland, Bitcoin Suisse, reported a 15% month-on-month rise in its client base in November, while trading volumes of digital assets nearly doubled.

We are thrilled to see strong momentum over the past months — with strong client growth, #Ethereum2 staking & much more! 🚀

Read more 👇👇https://t.co/cQ1Hd3VCCm

— Bitcoin Suisse (@BitcoinSuisseAG) December 8, 2020

At Bitcoin Suisse, an important driver of market activity in November was the operation of the Ethereum staking service ahead of the launch of Phase 0 of Ethereum 2.0.

By the launch date, clients had deposited into the Ethereum 2.0 deposit contract more than 87,000 ETH (over $50 million at the time of writing). This represented 17% of the coins required for the start of the zero phase.

As of December 8, clients had locked over 97,000 ETH for staking through the Bitcoin Suisse Online platform, the firm noted.

“This year has brought many innovations to the cryptocurrency space, particularly in DeFi, and most recently with the launch of Ethereum 2.0,” says Bitcoin Suisse CEO Artur Vailoyan.

When launching the staking service in November, Bitcoin Suisse offered the ability to contribute any amount, although becoming a validator required locking at least 32 ETH. The firm pledged to distribute 85% of rewards among participants.

Against a backdrop of growing client base and trading volumes, the firm said it would raise its bank guarantee to 60 million Swiss francs (about $67.5 million) from a local partner.

Back in July, Bitcoin Suisse closed a Series A funding round worth more than $48 million to scale and develop the business.

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