Swissquote Bank Now Supporting Select ICOs On Their Trading Platform

Swiss bank Swissquote has announced that it will begin offering ICO investment options on its banking platform. Banking support for cryptocurrency-related business is typically hard to find, much less online offerings for ICO investments. Nevertheless, Swissquote has promised to offer multiple ICOs investments, beginning with a lab-grown diamond company called Lake Diamond.

“Swissquote is proud to be the first bank to support ICOs on its trading platform, where clients can purchase tokens conveniently in a secure environment against fiat currency (CHF), without needing to master blockchain technology,” the company announced. “We take care of the execution of the orders and the custody of the tokens for our clients, while supporting companies seeking to launch ICOs with our technology and services.”

The bank reports to have received numerous requests from companies seeking to have their ICOs listed on their platform. Swissquote says that companies interested in being listed must meet a strict set of criteria.

“We consider only mature projects, ready to be launched, and want to review who the management is, what the business is, what the financials are and what the legal situation is,” the bank’s website reads. “Then, we select the projects that we think will be of interest to our clients.”

Lake Diamond is currently offering a 10 percent bonus up to 4 million CHF (~$4 million) during the pre-sale of its ongoing ICO. The token acts as a stablecoin pegged to the cost of diamond production. Each token is equivalent to “one minute of growth reactor operating time, which produces lab-grown diamonds,” the company explains. “One minute is the smallest possible unit, so the tokens are non-divisible past this point. If a diamond plate takes 180.5 minutes to grow, it will consume 181 LKD.”  Lake Diamond’s website claims that the diamonds grown in their labs are purer than mined diamonds, offering rich potential for high-tech applications.

The max supply of LKD tokens is set at close to 6.8 million. Each token is priced at around 50 cents. CCN reports that lab-grown diamonds are a growing industry, and offer more ethical solutions to traditional mining. 4 percent of the world’s diamonds are estimated to come from conflicted areas in places like Africa. These diamonds are often used to fund civil wars between cartels, who exploit child labor and those in poverty.