OANDA partners Paxos to launch crypto trading in US
To introduce a cryptocurrency trading service in the US, OANDA has teamed up with Paxos.
With the new service, investors in the US now spot trade cryptocurrencies on Paxos’s itBit exchange via the OANDA mobile app.
Due to the fact that everything—from Paxos account opening to funding to trading—is controlled within the app, investors will be able to access popular cryptocurrencies with ease.
Start of an exciting new phase of growth for OANDA
“This launch signifies the beginning of an exciting new phase of expansion for OANDA, presenting considerable possibilities in the US market,” says Gavin Bambury, chief executive officer of OANDA. It is obvious that digital assets should be a part of a unified trading experience for active traders and skilled investors as the number of Americans seeking exposure to cryptocurrencies rises.
“Our relationship with Paxos continues that development trajectory since its regulated blockchain infrastructure allows us to give our customers access to crypto trading so they have a quick and secure gateway to the digital economy,” says the company.
“The expansion of institutional investment into cryptocurrencies and blockchain technology has led to a stabilizing period that has significant firms such as Schwab, Citadel, and Fidelity forge ahead with new digital asset offerings in the cryptoverse,” said Ed Moya, Senior Market Analyst at OANDA.
“The decision to add crypto access to OANDA’s well-known forex trading platform was made in response to the needs of active traders—giving them the opportunity to trade in accordance with their unique style is vital,” said Jessica Beckstead, managing director, North America, and US CEO.
“OANDA pioneered internet FX trading, making their entry into digital asset markets a natural extension of their platform,” Walter Hessert, Head of Strategy at Paxos, said. OANDA and Paxos’ collaboration will grant experienced FX traders quick, safe access to the Web3 ecosystem. We take great pride in using our regulated blockchain infrastructure to enable OANDA’s cryptocurrency service.
Landscape is likely to change again and see retail traders return to crypto
OANDA predicts that the environment will shift once more and more retail traders may join the crypto ecosystem as institutional investors gradually but steadily accept cryptocurrencies.
The new cryptocurrency trading service available in the US market is intended to allow investors secure access to cryptocurrencies together with their current forex holdings. Through its itBit exchange, Paxos Trust Company will power the cryptocurrency offering.