The bank issued a press release (see below) today (Monday) detailing the move while announcing that the first ICO token on offer will be that of EPFL spinoff LakeDiamond, an industrial-use diamond producer.
Setting a precedent
Swissquote’s decision to offer ICO tokens to its customers may well set a precedent for other banks, many of which may have been reluctant to fully embrace tokens, or indeed blockchain technology in general.
This is mainly thanks to bad publicity stemming from fraudulent token sales and outright exit scams.
However, in recent months we’ve seen a decline in the number of ICOs launched which many attribute to a savvier crop of investors who have become better equipped to identify promising projects while avoiding dubious-looking tokens.
This is good news for the cryptocurrency community as it will help legitimise a financial sector or more specifically a method of fundraising that many still view with scepticism.
The first ICO that will be fully executed and supported by Swissquote will be that of LakeDiamond.
The company aims to raise CHF 60.5 million (approx. $60.73) during its token sale.
LakeDiamond is a global leader in the production and transformation of ultra-pure lab-grown diamonds for high-tech industrial applications.
The company recently launched an ICO to increase its production capacities.
This ICO is the first ever powered by an established banking group.
Incorporated in 2015 in Switzerland, and building on years of research at EPFL, LakeDiamond brings together globally renowned and respected professionals with a proven track record in physics, industry, blockchain, marketing and finance.
The company develops Chemical Micro-Wave Chemical Vapor Deposition (MCVD) reactors capable of growing the highest quality of diamond on earth thanks to a perfectly controlled and precise technology.
The qualities attained make the company’s ultra-pure lab-grown diamonds suitable for the most demanding applications, allowing LakeDiamond to pursue new exciting high-tech industrial applications beyond the high-end jewellery market, such as micro-mechanical parts, laser power beaming, high power transistors and high-precision magnetometers.