Oanda, a New York-based multi-asset trading service, 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, is designed to give investors easy access to cryptocurrencies alongside their existing currency portfolios in a secure environment.
The collaboration will allow US-based investors to trade cryptocurrencies on Paxos’ itBit exchange via Oanda’s mobile platform, the broker said. 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 foreign exchange and derivatives markets.
Oanda partner Paxos is a regulated blockchain infrastructure provider that uses the technology to tokenize, trade and settle assets. Paxos builds enterprise blockchain solutions for companies like PayPal, Interactive Brokers, Meta, Mastercard, MercadoLibre, Nubank, Bank of America, Credit Suisse, and Societe Generale.
Gavin Bambury, CEO of Oanda, said the partnership with Paxos gives his company a regulated partner on which to grow its crypto offerings.
Oanda executive Jessica Bestead said that 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 digital assets.
Founded in 1996, Oanda claims to be the first company to share exchange rate data for free on the internet, launching a forex trading platform that helped pioneer the development of web forex trading five years later.
In recent years, platforms that offer trading in forex and other traditional assets have expanded their services to include cryptocurrencies. As Cointelegraph reports, major US trading platform Interactive Brokers entered the cryptocurrency market in mid-2021 to take advantage of growing demand. Former forex brokers Jeffries Financial Group have also launched a new cryptocurrency exchange for institutional investors.
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