2 years ago
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Yuh, the challenger app from Swissquote and Postfinance, has launched fractional shares in a move to follow the trend and grow its user base from the 33,000 currently.
The trading app was launched in May 2021 to offer savings, stock trading, and cryptocurrencies as retail investors are increasingly moving toward greater exposure to risk as interest rates remain extremely low.
Markus Schwab, Chief Executive Officer at Yuh, commented: “With fractional trading, we are not only revolutionizing the Swiss banking center, we are democratizing it. Fractional trading should not change the fees, which will remain at 0.5 percent”.
While trading platforms across the globe have been offering fractional shares for a while now, this function was only available at FlowBank in Switzerland.
In August, Swissquote reported the company results for H1 of 2021 showing huge growth when compared to the revenue during the same period of last year.
The company had net revenue of CHF 264.4 million and this is more than 64% higher when compared to the revenue of CHF 160.7 million that it had earned last year.
But, the results from last year need to be taken with a pinch of salt as the whole world was in the middle of the pandemic during this period last year and so many of the retail traders had stayed away from almost all trading platforms and all of them had reported very low revenues last year.
This year, the pandemic has been slowly receding in many countries and so traders are returning to the platforms and most of the trading and broker platforms have shown some rise in trading volumes this year.
Many of them have also benefited from the big increase in the trading of cryptos and this is evident from the fact that Sqwissquotes has seen a 1200% increase in its crypto assets income which came in at CHF63.2 million as compared to CHF 4.8 million last year.
The company reported a pre-tax profit of CHF 134.6 million which is a 130.4% increase when compared to the same period last year. The company has also seen an increased number of new clients and this has, in turn, led to a big surge in the client assets that are with the company, especially from international clients.
The company has reported that it has expanded its crypto offering during this period and now it has over 20 cryptocurrencies for the users to trade in and it remains one of the biggest players in this space. Switzerland has also introduced the DLT Act which makes it one of the very first countries to bring in regulation and clear laws around crypto which is expected to help push this ecosystem within Switzerland.
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