New York-based multi-asset trading service Oanda has launched a new cryptocurrency trading service in the United States. This latest addition, developed in partnership with regulated blockchain infrastructure provider Paxos Trust Company, Designed to give investors easy access to their existing currency portfolio as well as cryptocurrencies in a secure environment.
The broker said the collaboration will allow US-based investors to trade cryptocurrencies on Paxos’ Itbit exchange via Oanda’s mobile platform. Investors will be able to open and fund trading accounts, as well as access major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). According to Oanda, users will benefit from the company’s long history in the forex and derivatives markets.
Oanda partner Paxos is a regulated blockchain infrastructure provider that uses technology to tokenize, trade and settle assets. Paxos builds enterprise blockchain solutions for companies such as PayPal, Interactive Brokers, Meta, Mastercard, MercadoLibre, Nubank, Bank of America, Credit Suisse, and Societe Generale.
Oanda CEO Gavin Bambery said that the partnership with Paxos gives his company a regulated partner on which it can develop its crypto offerings.
Oanda executive Jessica Bested said The decision to offer cryptocurrency trading services was “a response to the needs of active traders”, a sign that more market participants were looking to gain exposure to the digital asset.
Founded in 1996, Oanda claims to be the first company to share exchange rate data for free over the Internet, launching a forex trading platform that helped pioneer the development of web forex trading five years later.
In recent years, platforms offering trading in forex and other traditional assets have expanded their services to include cryptocurrencies. According to a Cointelegraph report, leading US trading platform Interactive Brokers entered the cryptocurrency market in mid-2021 to take advantage of the growing demand. Former forex broker Jeffries Financial Group has also launched a new cryptocurrency exchange for institutional investors.
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