Oanda acquiring a UK-based crypto exchange Coinpass. This is a strategic integration as both are legal companies. Oanda can give wider options of assets to trade to the clients.
The British cryptocurrency exchange Coinpass, which has permission to run a registered crypto assets firm with the UK Financial Conduct Authority, has acquired a majority share from the FX brokerage company OANDA.
Coinpass is a new UK-based cryptocurrency exchange listed on the FCA temporary crypto-asset business register. Its platform covers all Retail investors, professional traders, and businesses that must invest in cryptocurrency trade. Through their internal technological solutions, they offer access to numerous goods, including pairs of fiat and cryptocurrency, crypto and cryptocurrency, and stablecoins.
By acquiring Coinpass, OANDA's current product offering will enhance a wide selection of CFD instruments such as indices, currency, commodities, metals, and bonds. OANDA strengthens its cryptocurrency trading offering in the UK market by collaborating with Coinpass, giving retail consumers a legal option to access the digital economy.
Interestingly, the acquisition places OANDA in the FCA-regulated cryptocurrency exchange market. According to the FCA's consumer survey performed in June 2023, this move fits in well with the growing trend of increased cryptocurrency ownership in the UK, which more than doubled in the previous year.
OANDA CEO Gavin Bambury stated that his company will greatly increase its presence and broaden its appeal to a growing group of retail investors in the UK by integrating Coinpass' regulated crypto trading proposal with OANDA's current multi-assets offering.
"The acquisition also signals the start of an exciting new phase of growth for OANDA, creating the opportunity for a truly global B2B reach. A crypto-native, Coinpass will provide OANDA with the technology backbone and trusted experience in the regulated crypto markets we need in order to offer clients globally a fast and secure route to the digital economy," he added.
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