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Oanda, a multi-asset trading service provider based in New York, has unveiled cryptocurrency trading services within the United States. The company will do this through a partnership with Paxos, a regulated blockchain infrastructure service provider.
Oanda partners with Paxos to offer crypto services in the US
The latest addition of cryptocurrency trading services has been made through a collaboration with the Paxos Trust Company. The service is designed to provide investors with an easy way of accessing cryptocurrencies and their existing forex portfolios within a secure environment.
The partnership will allow investors within the US to complete spot trading for cryptocurrencies in the Paxos itBit exchange via the Oanda mobile platform. Investors will have a way of opening and funding trading accounts while accessing some of the largest cryptocurrencies like Bitcoin and Ether.
The report by Oanda said that users would benefit from the company’s long track record within the forex and the derivatives markets. Oanda has become the latest traditional financial service company to provide crypto services to clients amid a demand increase.
Oanda will partner with Paxos in this initiative. Paxos is a regulated blockchain infrastructure service provider. The company uses blockchain technology to tokenize, trade, and settle digital assets.
Paxos is creating enterprise blockchain solutions targeting companies such as PayPal, Meta, MasterCard, Bank of America, Credit Suisse, Societe Generale, Interactive Brokers, Mercado Libre, and Nubank.
The CEO of Oanda, Gavin Bambury, commented on this development, saying that the partnership between Oanda and Paxos would give the firm a regulated partner that would assist it in expanding its cryptocurrency services.
Jessica Bestead, an executive at Oanda, said that the plan to provide cryptocurrency trading services was a response to the needs of active traders. This was also a sign that many market participants were looking for a way to gain exposure to crypto assets.
Oanda is one of the largest financial service companies in the US. The company was created in 1996 and claims to be the first institution to share exchange rate data without any charges over the internet. The company also founded a forex trading platform that assisted in the launch of web-based currency trading.
Growing demand for crypto services
In recent years, firms providing forex trading services and other traditional financial assets have expanded their horizons to crypto.
Besides Oanda, Interactive Brokers is another firm that has also ventured into crypto trading services. The US brokerage trading platform ventured into the crypto market mid-last year. The goal was to focus on the rising demand. Other forex brokerage firms, such as the Jeffries Financial Group, have also unveiled a new crypto exchange platform targeting institutional investors.
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