Oanda acquires a majority interest in Coinpass

Coinpass Limited is a crypto asset company authorised by the Financial Conduct Authority (FCA) of the United Kingdom. Founded in 2018, Coinpass was established to address the increasing demand for efficient and secure access to digital assets in the UK. 

Coinpass facilitates cryptocurrency investment and trading for retail investors, professional traders, and businesses. The platform offers various products, including fiat/crypto, crypto/crypto, and stablecoin pairs, utilising its in-house trading technology solutions. 

The acquisition is set to complement OANDA's existing strengths, which encompass a diverse range of CFD instruments such as indices, forex, commodities, metals, and bonds. 

In essence, by acquiring Coinpass, OANDA aims to extend its cryptocurrency trading services in the UK market. The collaboration also aims to offer regulated access to the digital economy for retail traders and investors. Coinpass will sustain its services for corporate clients and will expand its B2B2C capabilities to facilitate the entry of other companies into the UK crypto market. 

A notable increase in crypto ownership within the UK was highlighted by the FCA in June 2023, based on findings from a consumer survey conducted the previous year. 

Representatives from OANDA emphasised that the integration of Coinpass' regulated crypto trading offering with OANDA's multi-assets portfolio will substantially broaden the company's reach and appeal to an expanding base of UK-based retail investors. They also noted the potential for global B2B expansion and expressed confidence in Coinpass's technology and experience in regulated crypto markets. 

Officials from Coinpass expressed that the decision to be acquired by OANDA was rooted in shared values and a mutual vision for providing high-quality trading products to UK customers. They also talked about OANDA's market expertise and extensive product range, describing them as key factors driving the partnership and contributing to Coinpass's ongoing growth trajectory.

OANDA’s expansion efforts

According to cryptoslate.com, this recent acquisition follows 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). According to the same source, the company’s expansion into the EU market was preceded by a strategic exit from Malta and followed OANDA’s acquisition of Polish broker Dom Maklerski TMS Brokers SA, which was rebranded to OANDA TMS.