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Swissquote Internet Bank launches new exchange product

Swissquote Bank, an online banking service, has launched a bitcoin exchange-traded certificate, which it claims will curb the volatility of the cryptocurrency.

24.Nov.17 1:36 PM
By Daria Zaytseva


Swissquote Internet Bank launches new exchange product

The Bitcoin Active Certificate works by moving investor’s holdings between bitcoin and U.S. dollars using an algorithm of machine learning that predicts short-term market movements using technical indicators, pressure on buying/selling and analysis of moods in social networks.

Swissquote said in a statement that its strategy was aimed at reducing volatility by increasing the amount of cash held in periods of uncertainty and recession, to help create a more coherent potential returns in the long term.

The bank explained that it will keep from 60-100 percent of the portfolio in bitcoin, depending on the level of confidence in its forecast of bitcoin prices, and the remainder is held in U.S. dollars. According to it, trading will be carried on the SIX Swiss Exchange.

It is noteworthy that the new certificate is not the first foray into the cryptocurrency space.
Back in July, Swissquote announced a new function for selling bitcoin in partnership with Bitstamp – digital currency exchange. The service allows customers to exchange bitcoin with euros and U.S. dollars through their accounts.

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