Swissquote, Swiss bank launches the Diamond ICO
Swissquote, Swiss bank launches the Diamond ICO
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Swissquote, Swiss bank launches the Diamond ICO

By Fabio Lugano - 22 Oct 2018

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The Swiss Digital Bank Swissquote has announced that it will allow its customers to participate in the Diamond ICO, a token sale of the company LakeDiamond which wants to develop a new technology in the field of industrial diamonds.

This direct bank-ICO connection is an absolute novelty in finance and it is not by chance that it takes place in a country that is at the forefront of the virtual currency sector. The bank will collect a commission of 1.25% on subscriptions.

The bank’s customers will be able to buy the tokens directly from the bank, which will not only execute the purchase order but will also take the tokens into custody on behalf of the customers themselves, thus providing a full service.

Swissquote CEO Mark Burki said: “true to our philosophy to democratize finance by offering services that are simple and accessible to everyone, we are now offering our clients the opportunity to help grow start-ups”.

The bank already allows customers to use cryptocurrencies, so it was already open to new digital businesses.

The LakeDiamond company has special features: it is a spin-off of the Swiss Federal Institute of Technology and is responsible for the development of reactors in which the diamonds used in the industry are artificially created.

The company hopes to raise 60 million Swiss francs (about 50 million euros) for the purchase of new reactors. The token holders will own “minutes of processing” of a machine purchased with the corresponding money, so they receive a share of the profit produced by the machine itself.

It is estimated that approximately 462 hours of processing are required to produce a diamond of such a size in order to be cut. LakeDiamond expects to achieve a turnover of CHF 18.4 billion by 2022.

The ICO will be held in 2019, but Swissquote customers can book tokens from today, October 22nd.

Fabio Lugano

Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.

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