Oanda is launching a service developed with Paxos Trust Company for the US market. The foreign exchange company aims to position its clients crypto access alongside their forex portfolios via spot trading on Paxos’ itBit exchange via its mobile platform. Users can open new Paxos accounts and buy and sell cryptocurrencies such as Bitcoin, Ethereum (ETH). The crypto product and Paxos Trust partnership coincides with the announcement of Oanda’s new brand identity, according to a news release that “reflects the company’s emphasis on providing smarter trading for its customers.”
Gavin Bambury, CEO of Oanda, said:
“As the number of Americans looking to invest in cryptocurrencies grows, it becomes clear that digital assets should form part of a unified trading experience for active traders and sophisticated investors.”
Buying Cryptocurrency from a Foreign Exchange Company
With a 25-year history, the exchange company is now happy that its customers can access cryptocurrencies on their own. Indeed, JPMorgan, Bank of America, Fidelity and other giant financial companies are also exploring ways to offer crypto products to their customers. Some have even begun to do so. While the cumulative value of cryptocurrencies has fallen to the level of 900 billion dollars, these large companies expect that the interest will continue to increase in the coming years. Moreover, the Web3 transformation and the growth plans of the Metaverse market also support the future of cryptocurrencies.
The partnership was signaled on September 22, but details were not disclosed. This move by Oanda confirms the desire of more medium and small financial companies to enter cryptocurrencies.
At the time of writing, Bitcoin continues to find buyers in the $ 19,200 region, annoyingly. Cryptocurrencies have been falling for months as the increasing volumes are selling. Although macroeconomic developments say that a bull season in the medium term is close to impossible, it is difficult to say for sure as cryptocurrencies love surprises.