OANDA taps Paxos to launch crypto trading in US
OANDA is also unveiling a new brand identity that reflects its emphasis on enabling smarter trading for its clients.
OANDA has partnered with Paxos to launch a crypto trading service in the United States.
The new offering allows US-based investors to spot trade cryptocurrencies on Paxos’s itBit exchange through the OANDA mobile platform.
Investors will be able to seamlessly access major cryptocurrencies because everything, from Paxos account opening to funding to trading, is managed within the app.
Start of an exciting new phase of growth for OANDA
Gavin Bambury, Chief Executive Officer of OANDA, says, “This launch signals the start of an exciting new phase of growth for OANDA, creating significant opportunity in the US market. As the number of Americans seeking exposure to cryptocurrencies grows, it’s becoming clear that digital assets should form part of a unified trading experience for active traders and sophisticated investors.
“Our partnership with Paxos continues that growth trajectory as its regulated blockchain infrastructure allows us to provide our clients access to crypto trading so they have a fast and secure route to the digital economy.”
Ed Moya, Senior Market Analyst at OANDA, said: “The evolution of institutional investment into cryptos and blockchain technologies has led to a stabilization period that has major players such as Schwab, Citadel, and Fidelity forge ahead with new digital asset offerings in the cryptoverse.”
Jessica Beckstead, Managing Director, North America and US CEO, added: “The decision to add crypto access to OANDA’s popular forex trading platform was made in response to the needs of active traders—giving them the ability to trade according to their personal style is key.”
Walter Hessert, Head of Strategy of Paxos, commented: “OANDA pioneered internet FX trading, making their entrance into digital asset markets a natural extension of their product. By partnering, OANDA and Paxos will give sophisticated forex traders easy, secure access to the Web3 ecosystem. We’re proud to power OANDA’s crypto offering with our regulated blockchain infrastructure.”
Landscape is likely to change again and see retail traders return to crypto
OANDA believes that, with institutional investors slowly but surely increasing their adoption of crypto, the landscape is likely to change again and more retail traders may return to the crypto ecosystem.
The new cryptocurrency trading offering in the US market is designed to give investors easy access to crypto alongside their existing forex portfolios in a secure environment. Paxos Trust Company will power the crypto offering via its itBit exchange.
OANDA is also unveiling a new brand identity that reflects its emphasis on enabling smarter trading for its clients.
