OANDA, the US Based Forex Company, is opening a crypto trading platform in the UK. The platform has already been registered with the corresponding authorities and will be called OANDA crypto.
The process has been underway for about a year since the company bought a stake in Coinpass, a crypto company.
The development is interesting for those planning to trade cryptocurrencies in the UK market, but it is also a sign of a broader shift. Traditional financial companies have entered the cryptocurrency market with vigor in recent years, and this move is part of that broader shift.
OANDA Crypto
OANDA Crypto will be the trading name of the new company, and its official name will remain OANDA Coinpass Limited. The company will offer trading services for 63 different cryptocurrencies, including big names like Bitcoin, Ethereum, and Ripple.
Lucian Lauerman, head of digital assets, said: โWith OANDA Crypto, we stay true to our mission of making trading experiences smarter by incorporating the reliability, security and simplicity of our robust trading platforms into an easy-to-use application, making cryptocurrencies attractive to users.โ UK traders and investors from around the world. levels of experience.
The history
The move comes after an entire year of preparations by OANDA's parent company. It began in 2023 when OANDA bought the majority stake in Coinpasss and created OANDA Coinpass Limited. The company already provided financial services and currency trading, which led to the creation of a company that operates digital currencies.
Coinpass was created in 2018 to meet the needs of UK digital currency users.
"By adding Coinpass's regulated cryptocurrency trading proposition to OANDA's existing multi-asset offering, we will significantly expand our presence and broaden our appeal to a growing base of retail investors in the UK," said Gavin Bambury, Director OANDA executive.
Experience in the United States
OANDA already offers cryptocurrency-related services in the US. This is done in partnership with the New York Department of State. Paxos regulated for financial services. However, OANDA is entering the UK market and European markets in general.
Cryptocurrency companies face additional scrutiny in the US and new regulations are constantly being implemented. That was one of the main drivers of companies coming to Europe, along with its tech-savvy population and ever-growing economy.
"The U.K. has a high level of participation and is a very well-formed, active market," Lauerman said in an interview. โWhat we liked about the opportunity in the UK with respect to cryptocurrencies is that it is becoming more aligned with the markets we have traditionally operated in. โThe regulatory bar has been set slightly higher.โ
OANDA
OANDA was founded in 1996 and is a pioneer in online currency trading. He was an innovator in the industry as he introduced free online exchange rate data and launched one of the first currency trading sites.
Not surprisingly, OANDA was also one of the first online trading platforms to enter the crypto industry when it emerged. It is also among the first to move to Europe as global cryptocurrency trading changes.
OANDA Cryptocurrency Trading App
One of the services of the new trading platform will be its application, which is designed to further streamline cryptocurrency trading. It will allow users to exchange a wide variety of cryptocurrencies and stablecoins using a simple and easy-to-use interface.
The desktop version of the app also provides an advanced chart with over 100,000 public indicators, 110 smart drawing tools, and volume profile indicators powered by TradingView. It also has customer support available 24/7.
What is the FCA?
FCA stands for Financial Conduct Authority (FCA). It is a UK financial regulatory body that operates independently of the government. The FCA allowed OANDA to begin operating in the UK after a year of investigation and registration process.
The fact that it is going through channels designed for traditional financial institutions shows how OANDA will approach the UK and European markets. It also means that the cryptocurrency market is changing and is now more regulated. This will be a good thing for some users as the market is now more secure and stable.
Changing the crypto market
Since cryptocurrencies have become mainstream, different industries have started looking for ways to implement them. Cryptocurrency can be used as a payment methodand the gaming industry was among the first to accept it for that purpose.
Over the years, the market has changed and grown, and cryptocurrencies are now widely accepted as a payment method in many industries. Some of them are traditional industries with a long history and a stable customer base. It is a testament to how the market has changed and how the public perception of cryptocurrencies has also changed.
The movement that many traditional commercial and financial companies are making towards cryptocurrencies is also part of this trend. It's more recent, but it's also happening much faster than with companies simply allowing payment in cryptocurrencies.
The introduction of ETFs
One of the biggest milestones when it comes to changing attitudes towards cryptocurrencies was the introduction of ETFs. They are similar to mutual funds in that they allow investors to buy a percentage of a crypto company on an exchange without having to purchase cryptocurrency.
Innovation is important because many traditional investors, such as banks, funds and pension funds, want to diversify and enter cryptocurrencies. ETFs have become a way to do this without having to directly deal with the volatility of cryptocurrencies.
More regulation
The rise in cryptocurrency adoption has also led to increased regulations. This was met with disapproval by some users who have been there from scratch and are used to crypto markets that are completely unregulated.
On the other hand, for some investors, greater government involvement means more stability and security, and they welcome increased regulation. He proves that cryptocurrencies can be a long-term investment.
European crypto market
Europe was a little behind the United States when it came to the cryptocurrency market. The EU is known for its complicated regulatory system and adapts to innovative practices such as blockchain and crypto payments. However, advanced European economies wanted a piece of the market and have, over the years, adapted to the crypto industry.
Now, as the United States changes its attitude towards cryptocurrencies and introduces new regulations, large cryptocurrency companies are pushing to move to Europe. OANDA is part of that trend and more companies will follow.
To sum up
OANDA, a foreign company currency exchange platform, has created a UK-based crypto trading platform. OANDA is a company with a long history in the financial market and one of the first to use the Internet for its services. It is registered in the United Kingdom by the relevant authorities and offers its services through a platform and an application.
This is part of a general shift in the way cryptocurrencies are viewed and traded. More traditional financial institutions are entering the world of cryptocurrencies and migrating to Europe, while the United States is beginning to regulate the industry. More similar companies will probably follow.
