Oanda Steps into Crypto with Coinpass Buy
Posted by Colin Lambert. Last updated: August 25, 2023
Retail FX broker Oanda has entered into an agreement to buy a majority stake in UK-based cryptocurrency trading Coinpass for an undisclosed sum.
Coinpass providing access to a variety of products including a range of fiat/crypto, crypto/crypto, and stablecoin pairs through proprietary trading technology solutions. Oanda says the acquisition will complement its existing offering of CFD instruments, including indices, FX, commodities, metals and bonds.
Through Coinpass, one of the few crypto exchanges registered with the FCA, Oanda says it will be able to invest in and grow a cryptocurrency trading offering in the UK market, providing retail traders and investors with a regulated route to the digital economy. Coinpass will continue to service corporate clients, while also expanding its B2B2C capabilities to enable other firms to enter the UK crypto market, the firm adds.
“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,” says Gavin Bambury, CEO of Oanda. “The acquisition also signals the start of an exciting new phase of growth for Oanda, creating the opportunity for a truly global B2B reach. A crypto-native, Coinpass will provide Oanda with the technology backbone and trusted experience in the regulated crypto markets we need in order to offer clients globally a fast and secure route to the digital economy.”