Global brokerage firm OANDA officially launched OANDA Crypto, a cryptocurrency trading platform registered with the UK’s Financial Conduct Authority (FCA). This marks a significant expansion for OANDA, entering the UK’s growing crypto market under the umbrella of a reputable regulator.
Leveraging Existing Expertise: OANDA Crypto builds upon the foundation established last year with the acquisition of Coinpass, an FCA-registered crypto firm. This acquisition not only provided the regulatory green light but also brought in Coinpass’s expertise and existing customer base in the UK.
Extensive Crypto Offering: At launch, OANDA Crypto offers users the ability to trade over 63 cryptocurrency pairs, including popular choices like Bitcoin, Ether, and Ripple. The company plans to expand this selection and introduce new features throughout the year.
Embracing Regulation: Notably, OANDA sees the UK’s focus on crypto regulation as an advantage, contrasting it with the currently less-defined environments in some other regions.
According to OANDA‘s Head of Digital Assets, Lucian Lauerman, “The UK has a high level of participation and is a very well educated and active market. What we liked about the opportunity in the UK, when it comes to crypto, is that it’s becoming more aligned with the markets where we’ve traditionally operated. The regulatory bar has been set slightly higher.”
Global Expansion Strategy: OANDA Crypto’s launch in the UK aligns with the company’s broader expansion strategy. The brokerage already offers crypto trading in the US through a partnership with a New York-regulated firm and has also shifted its focus in continental Europe, acquiring a Polish broker and rebranding it as OANDA TMS.
This multifaceted approach demonstrates OANDA’s commitment to entering the crypto market strategically, seeking regulated environments and established partnerships while catering to diverse geographical demands.
