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OANDA Move into Crypto with Coinpass Limited Acquisition

OANDA Move into Crypto with Coinpass Limited Acquisition
by
August 22, 2023
in iGaming News
193

In a significant move that underscores the evolving landscape of the financial industry, trading platform OANDA has recently announced its acquisition of a majority stake in Coinpass Limited. Coinpass, a crypto asset firm based in the United Kingdom, is registered with the prestigious Financial Conduct Authority (FCA), positioning itself as a reliable player in the crypto space. This strategic acquisition marks OANDA’s entrance into the world of cryptocurrencies, capitalizing on the surging demand for secure access to digital assets within the UK market.

The Step towards Crypto: Addressing the Demand

As the world witnesses a rapid digital transformation across various sectors, the financial landscape is no exception. OANDA’s move into the realm of cryptocurrencies can be seen as a well-calibrated response to the escalating demand for safe and regulated channels to engage with digital assets, particularly in the UK. With this acquisition, OANDA aims to leverage Coinpass’s established reputation and expertise in crypto trading to enhance its existing multi-asset offerings. This not only strengthens OANDA’s competitive position but also caters to the increasing appetite for cryptocurrencies among investors and traders.

Riding the Crypto Wave in the UK

OANDA’s foray into the world of cryptocurrencies aligns seamlessly with the trend of growing crypto ownership in the United Kingdom. According to a consumer survey conducted by the FCA and reported in June 2023, the ownership of cryptocurrencies in the UK more than doubled in the year 2022 alone. This staggering statistic underscores the shifting mindset of investors, who are increasingly recognizing the potential of cryptocurrencies in diversifying their portfolios. OANDA’s calculated move to embrace the crypto sphere is not only strategic but also timely, as it positions the platform to be a player of significance in the evolving financial landscape.

Coinpass: Bridging the Crypto Gap

Founded in 2018, Coinpass has steadily emerged as a prominent player in the crypto exchange arena. The firm has carved a niche for itself by offering a platform that caters to a diverse audience, including retail investors, professional traders, and businesses in the UK. The platform provides a range of products, including fiat-to-crypto, crypto-to-crypto, and stablecoin pairs, catering to various trading preferences. Coinpass’s commitment to excellence has not gone unnoticed – it was awarded the title of “Best Cryptocurrency Exchange Platform” at CityAM’s 2020 CryptoAM Awards.

A Synergetic Partnership: OANDA and Coinpass

The partnership between OANDA and Coinpass is poised to redefine the crypto landscape in the UK. With its solid reputation and FCA registration, Coinpass brings an added layer of credibility to OANDA’s crypto trading endeavors. This collaboration empowers OANDA to expand its cryptocurrency trading offerings within the UK market, ensuring that retail traders and investors have a regulated avenue to engage with digital assets. Beyond its retail-focused initiatives, Coinpass also plans to extend its enterprise capabilities, providing other firms with the means to enter the thriving UK crypto market.

A Positive Outlook: CEO Perspectives

Gavin Bambury, the CEO of OANDA, expressed his enthusiasm regarding the acquisition, emphasizing the positive impact it will have on the platform’s reach and appeal. Bambury stated, “By incorporating Coinpass’ regulated crypto trading proposition into OANDA’s diverse multi-assets offering, we are significantly broadening our scope and attracting a rapidly expanding community of retail investors in the UK.” He also underlined how this move signifies a new era of growth for OANDA, positioning the company on a global trajectory.

Jeff Hancock, the Chief Executive Officer of coinpass.com, echoed Bambury’s sentiments, highlighting the shared vision between the two firms. Hancock affirmed that OANDA’s market vision and extensive product portfolio played a pivotal role in solidifying their partnership. He emphasized that OANDA’s investment as a long-term equity partner was instrumental to Coinpass’s ongoing growth and development.

A Series of Strategic Moves

This acquisition follows closely on the heels of OANDA’s recent expansion into Europe. The company established its presence in Warsaw, Poland, operating under the regulatory oversight of KNF, the Polish Financial Supervision Authority (PFSA). This expansion was preceded by OANDA’s exit from Malta and the subsequent acquisition of Polish broker Dom Maklerski TMS Brokers SA, which was rebranded as OANDA TMS. These strategic maneuvers underscore OANDA’s determination to establish a significant global presence in the realm of digital finance.

FAQs:

What is OANDA’s recent acquisition all about?
OANDA has acquired a majority stake in Coinpass Limited, a crypto asset firm registered with the UK’s Financial Conduct Authority (FCA). This move marks OANDA’s entry into the cryptocurrency space and aims to meet the increasing demand for secure access to digital assets.

Why is OANDA making this move into cryptocurrencies now?
The acquisition aligns with the growing trend of crypto ownership in the UK, as highlighted by an FCA consumer survey. This move allows OANDA to enhance its multi-asset offerings and cater to the rising interest in cryptocurrencies among investors.

What distinguishes Coinpass in the crypto exchange landscape?
Coinpass, founded in 2018, offers a platform for retail investors, traders, and businesses to invest and trade in cryptocurrencies. Its diverse product range, including fiat-to-crypto and crypto-to-crypto pairs, earned it recognition as the “Best Cryptocurrency Exchange Platform” at CityAM’s 2020 CryptoAM Awards.

How does the OANDA-Coinpass partnership benefit the crypto market in the UK?
The partnership provides a regulated channel for retail traders and investors to engage with cryptocurrencies. Coinpass’s FCA registration lends credibility to OANDA’s crypto offerings, fostering trust and expanding the crypto market in the UK.

What other strategic moves has OANDA made recently?
OANDA expanded its operations into Europe, particularly in Poland, under the regulatory oversight of the Polish Financial Supervision Authority. This expansion was preceded by OANDA’s exit from Malta and its acquisition of Polish broker Dom Maklerski TMS Brokers SA, reflecting the company’s commitment to global growth in the digital finance sector.

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