Retail broker and bank Dukascopy released a statement on Friday saying that 100,000 people are now using its current accounts.
The firm first announced its intention to branch out more into the banking space at the beginning of last year.
At the time, the company said that it wanted to become the fastest-growing retail bank in Switzerland.
It’s unclear as to whether or not it has managed to achieve that, but it must, at the very least, be one of the fastest growing banks in the country.
As a result of the growth that it has experienced, Dukascopy has also managed to reduce the cost of onboarding one client from $100 to $3.
Since launching its current account service, the bank has seen steady growth in the number of current account openings, with around 50 percent of the total number of accounts having been opened in the past three months.
The Swiss Revolut?
Like challenger bank Revolut, Dukascopy current account holders can hold different currencies in their account at one time. Currently, the bank offers 23 different currencies to its clients.
The firm’s banking applications also connect into its trading services, meaning currency account holders can easily – if they want to – make the switch into trading foreign exchange or contracts for difference.
Another important component of the current account is its cryptocurrency capabilities.
Account holders are given some Dukascoin – Dukascopy’s own cryptocurrency – when they sign up for an account.
This can be stored as an investment or traded speculatively on the bank’s cryptocurrency exchange.