OANDA Ventures into Crypto: Acquires UK's Coinpass

OANDA Ventures into Crypto: Acquires UK’s Coinpass

Time Stamp: August 22, 2023 7:20 AM
OANDA Ventures into Crypto: Acquires UK's Coinpass PlatoBlockchain Data Intelligence. Vertical Search. Ai.

In an
effort to attract the growing number of cryptocurrency traders in the UK, which
has doubled over the past year, OANDA Global Corporation has decided to acquire
a majority stake in the crypto asset firm, Coinpass Limited.

Founded to
cater to the demand for prompt and secured digital asset access in the UK,
Coinpass swiftly garnered attention from UK traders and investors. Co istotniejsze,
założona w 2018 roku firma posiada licencję the UK’s Financial Conduct
Authority (FCA).

The
platform is not restricted to retail investors. It extends its offerings to
professional traders and businesses, allowing them to invest in and trade
cryptocurrencies . Coinpass’s trading technology solutions include
fiat-to-crypto, crypto-to-crypto and stablecoin-to-crypto products.

This
collaboration is expected to synergize with OANDA’s current offering of CFD
instruments, spanning indices, forex, commodities, metals, and bonds. The
merger sets the stage for OANDA to make significant inroads into the UK’s
cryptocurrency trading market using the registered crypto exchange business of
Coinpass.

As
highlighted by OANDA, Coinpass is now one of the few cryptocurrency exchanges
to obtain FCA registration. Moreover, according to a survey conducted by the UK
regulator, the number of digital asset holders in the UK has doubled over the
past year. The acquisition will thus allow the company to take advantage of the growing potential of the UK cryptocurrency market.

“By
adding Coinpass’ regulated crypto trading proposition to OANDA’s existing
multi-assets offering, we will significantly expand our footprint and widen our
appeal to a growing base of retail investors in the UK.” Gavin Bambury, the
Chief Executive Officer of OANDA, commented.

Bambury further
stated that the acquisition marks a dynamic growth phase for OANDA, enhancing
its global B2B potential. With Coinpass’s expertise in regulated crypto
markets, OANDA can now offer clients worldwide access to the
digital realm.

“The acquisition of Coinpass by OANDA was born out of an alignment of vision and shared values for offering top-quality trading products to UK users,” Jeff Hancock, the Chief Executive Officer of Coinpass, commented.

Important Changes to
OANDA’s Offering

For OANDA,
the latest acquisition is not the first encounter with cryptocurrencies. In
October 2022, the platform added the option of trading digital assets for its
customers in the United States after partnering with Paxos, a regulated
blockchain infrastructure company.

“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,” Jessica Beckstead, the CEO of OANDA
for North America, explained.

In the
meantime, the company announced significant changes in Europe. At the beginning
of the year, it left Malta and announced that its European operations would be
overseen from Poland. The final move occurred in March and was indirectly
related to the acquisition of the Polish brokerage house OANDA TMS Brokers SA
in 2021, which has its registered office in Warsaw.

In an
effort to attract the growing number of cryptocurrency traders in the UK, which
has doubled over the past year, OANDA Global Corporation has decided to acquire
a majority stake in the crypto asset firm, Coinpass Limited.

Founded to
cater to the demand for prompt and secured digital asset access in the UK,
Coinpass swiftly garnered attention from UK traders and investors. Co istotniejsze,
założona w 2018 roku firma posiada licencję the UK’s Financial Conduct
Authority (FCA).

The
platform is not restricted to retail investors. It extends its offerings to
professional traders and businesses, allowing them to invest in and trade
cryptocurrencies . Coinpass’s trading technology solutions include
fiat-to-crypto, crypto-to-crypto and stablecoin-to-crypto products.

This
collaboration is expected to synergize with OANDA’s current offering of CFD
instruments, spanning indices, forex, commodities, metals, and bonds. The
merger sets the stage for OANDA to make significant inroads into the UK’s
cryptocurrency trading market using the registered crypto exchange business of
Coinpass.

As
highlighted by OANDA, Coinpass is now one of the few cryptocurrency exchanges
to obtain FCA registration. Moreover, according to a survey conducted by the UK
regulator, the number of digital asset holders in the UK has doubled over the
past year. The acquisition will thus allow the company to take advantage of the growing potential of the UK cryptocurrency market.

“By
adding Coinpass’ regulated crypto trading proposition to OANDA’s existing
multi-assets offering, we will significantly expand our footprint and widen our
appeal to a growing base of retail investors in the UK.” Gavin Bambury, the
Chief Executive Officer of OANDA, commented.

Bambury further
stated that the acquisition marks a dynamic growth phase for OANDA, enhancing
its global B2B potential. With Coinpass’s expertise in regulated crypto
markets, OANDA can now offer clients worldwide access to the
digital realm.

“The acquisition of Coinpass by OANDA was born out of an alignment of vision and shared values for offering top-quality trading products to UK users,” Jeff Hancock, the Chief Executive Officer of Coinpass, commented.

Important Changes to
OANDA’s Offering

For OANDA,
the latest acquisition is not the first encounter with cryptocurrencies. In
October 2022, the platform added the option of trading digital assets for its
customers in the United States after partnering with Paxos, a regulated
blockchain infrastructure company.

“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,” Jessica Beckstead, the CEO of OANDA
for North America, explained.

In the
meantime, the company announced significant changes in Europe. At the beginning
of the year, it left Malta and announced that its European operations would be
overseen from Poland. The final move occurred in March and was indirectly
related to the acquisition of the Polish brokerage house OANDA TMS Brokers SA
in 2021, which has its registered office in Warsaw.

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