Oanda Launches Cryptocurrency Trading Platform in Collaboration with Paxos

Oanda, has launched a new cryptocurrency trading service in the United States. (photo: Twitter @oanda)

JAKARTA - New York-based multi-asset trading service Oanda has launched a new cryptocurrency trading service in the United States. This latest addition, developed in partnership with regulated blockchain infrastructure provider Paxos Trust Company, is designed to give investors easy access to crypto in addition to their existing forex portfolio in a secure environment.

“This collaboration will enable US-based investors to trade cryptocurrencies on the itBit Paxos exchange via the Oanda mobile platform,” the broker said, as quoted by Cointelegraph.

Investors will be able to open and fund trading accounts, as well as access major cryptocurrencies such as Bitcoin. According to Oanda, users will benefit from the company's long track record in the forex and derivatives markets.

Partners Oanda Paxos is a regulated blockchain infrastructure provider that uses technology to tokenize, trade and settle assets. Paxos builds enterprise blockchain solutions for companies such as PayPal, Interactive Brokers, Meta, Mastercard, MercadoLibre, Nubank, Bank of America, Credit Suisse, and Societe Generale.

Gavin Bambury, chief executive officer of Oanda, said the partnership with Paxos gives his company a regulated partner to develop its crypto offering.

Oanda executive Jessica Bestead said the decision to offer crypto trading services was “in response to the needs of active traders,” a sign that more market participants are looking to gain exposure to digital assets.

Founded in 1996, Oanda claims to be the first company to share exchange rate data for free on the internet. They also launched a forex trading platform that helped pioneer the development of web-based currency trading five years later.

In recent years, platforms that offer trading in foreign exchange and other traditional assets have expanded their services to include crypto. As reported by Cointelegraph, major US trading platform Interactive Brokers entered the crypto market in mid-2021 to capitalize on the growing demand. The former forex broker of Jeffries Financial Group has also launched a new crypto exchange for institutional investors.