Broker OANDA has announced the acquisition of a majority stake in Coinpass Limited, a cryptocurrency asset company registered with the UK Financial Conduct Authority (FCA).
Founded in 2018, Coinpass provides UK users with fast and secure access to digital assets. The company is the winner of the Crypto A.M. 2020 Awards and was named the best crypto exchange platform.
In addition, Coinpass enables retail investors, professional traders, and businesses to invest and trade cryptocurrencies by providing access to a variety of products, including a range of fiat/crypto and crypto/crypto pairs, through proprietary trading technology solutions.
This acquisition will enable OANDA to expand its cryptocurrency trading offering in the UK market, the broker said in a press release.
Coinpass will continue to serve corporate clients and will also expand its B2B2C capabilities to enable other firms to enter the UK crypto market.
"By adding Coinpass' regulated cryptocurrency offering to OANDA's existing multi-asset offering, we will significantly expand our footprint and increase our appeal to the growing retail investor base in the UK," said Gavin Bambury, Chief Executive Officer of OANDA.
"OANDA's acquisition of Coinpass was the result of a shared vision and value alignment to provide high-quality trading products to UK users. OANDA's market experience in trading, as well as its extensive product offering, made the partnership with the broker essential to Coinpass' continued growth," said Jeff Hancock, CEO of Coinpass.
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