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Swiss bourse’s crypto trading volume hits record high of $1.23 billion in 2020

Crypto trading volume on SIX Swiss Exchange in 2020 surpasses the previous record set in 2017.

Image by: Wikimedia Commons

Mon, 18 Jan 2021, 09:39 am UTC

The ongoing Bitcoin (BTC) rally resulted in a massive surge in crypto trading volume in exchanges worldwide. For instance, Switzerland’s principal stock exchange revealed that cryptocurrency trading volume on its platform hit a new record high last year.

SIX Swiss Exchange, the country’s principal stock exchange, reported that cryptocurrency trading volume soared to CHF 1.1 billion (around $1.23 billion) in 2020, according to Bitcoin.com. The bourse said that it offers 34 exchange-traded products giving investors “access to 100 different crypto products trading on our platform.”

“The Swiss Stock Exchange, the world’s leading marketplace for regulated crypto products, has registered a break of the billion barrier in trading turnover in crypto products for the first time with CHF 1.1 billion in 2020,” the exchange announced on Wednesday.

The figure surpassed the previous record set during the previous rally by 112 percent. According to SIX Swiss Exchange, the previous record was set in 2017 when the bourse posted CHF 525 million in volume that year.

The Zurich-based bourse recently announced the listing of a new Bitcoin exchange-trade product on the platform, according to Coindesk.com. In an announcement on Wednesday, the BTCetc bitcoin ETP (BTCE), a new crypto product by ETC Group, has been listed on the exchange.

BTCE is an exchange-traded product that tracks the price of Bitcoin. The new product is being distributed and marketed by HANetf, an independent provider of UCITS exchange-traded funds.

With the new addition, the exchange has expanded its ETP offering. “With the new product, investors gain access to 100 different crypto products trading on our platform and with this have even more opportunities to diversify their portfolio, SIX,” according to Christian Reuss, head of markets at SIX Swiss Exchange.

The addition also cements the bourse’s position as one of the leading platforms in the crypto industry. “With the listing of the Btcetc Bitcoin ETP (Primary Ticker: BTCE) by ETC Group, the Swiss Stock Exchange is strengthening its position as [a] world-leading marketplace for regulated crypto products,” the exchange announced.

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