Rising stock of regulated crypto companies as OANDA acquires Coinpass Rising stock of regulated crypto companies as OANDA acquires Coinpass
Oanda steps into crypto trading, acquiring UK-based Coinpass amid increased demand.
2 min read
Updated: Aug. 22, 2023 at 12:51 pm UTC
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Trading platform OANDA has announced the acquisition of a majority stake in Coinpass Limited, a United Kingdom-based crypto asset firm registered with the Financial Conduct Authority (FCA).
The acquisition, which integrates a reputable crypto trading platform into OANDA’s existing multi-asset offerings, is seen as a direct response to the growing demand for safe and secure access to digital assets in the UK market.
OANDA’s step into crypto also aligns with the noticeable upward trend in UK’s crypto ownership, which more than doubled in 2022, according to an FCA consumer survey reported in June 2023.
Founded in 2018, Coinpass has carved a niche by providing UK retail investors, professional traders, and businesses with a platform to invest and trade in cryptocurrencies. Offering various products, including fiat/crypto, crypto/crypto, and stablecoin pairs, earning it the Best Cryptocurrency Exchange Platform title at CityAM’s 2020 CryptoAM Awards.
The partnership with Coinpass, one of the few crypto exchanges registered with the FCA, will enable OANDA to grow a cryptocurrency trading offering in the UK market. This offers retail traders and investors a regulated route to the digital economy. In addition to servicing corporate clients, Coinpass will also expand its enterprise capabilities to enable other firms to enter the UK crypto market.
OANDA’s CEO, Gavin Bambury, expressed enthusiasm about the acquisition, stating,
“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.”
He also highlighted the move signaling an exciting new growth phase for OANDA, providing the company with a global reach.
Jeff Hancock, the Chief Executive Officer of coinpass.com, echoed Bambury’s sentiment about the acquisition. He affirmed that OANDA’s market vision and extensive product offering were crucial factors that made their partnership as a long-term equity investor vital to Coinpass’s continued growth.
This development comes on the heels of OANDA’s recent launch of its operations in Europe, specifically in Warsaw, Poland, under the financial regulatory authority of KNF, the Polish Financial Supervision Authority (PFSA). As reported by LeapRate on March 17, the expansion into the EU market was preceded by the strategic exit from Malta and followed OANDA’s acquisition of Polish broker Dom Maklerski TMS Brokers SA, rebranded to OANDA TMS.
It is clear that OANDA’s strategic moves, including this acquisition of Coinpass, are setting the stage for an ambitious global expansion in digital finance. I
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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