US-based forex pioneer OANDA is opening a cryptocurrency trading platform in the UK, registered with the country’s regulator, the Financial Conduct Authority (FCA), based in London and dubbed OANDA Crypto.
It follows the acquisition of a majority stake in FCA-registered crypto firm Coinpass, and will offer trading in over 63 cryptocurrency pairs, including Bitcoin, Ether, and Ripple, with plans to add more tokens and features over the course of 2024, the company said.
While some crypto-focused companies tend to stay away from places like the US and other heavily regulated jurisdictions, this was an attractive feature for OANDA.
Company officials said that the UK has a high level of participation and is a very well educated and active market. What they liked about the opportunity in the UK, when it comes to crypto, is that it’s becoming more aligned with the markets where they’ve traditionally operated. The regulatory bar has been set slightly higher.
OANDA already offers crypto in the US via a partnership with New York State Department of Financial Services-regulated Paxos. The brokerage also refocused its mainland Europe operations away from Malta to Warsaw in Poland, with the acquisition of Polish broker Dom Maklerski TMS Brokers, which was rebranded to OANDA TMS.
In January 2021, OANDA has partnered with Currencycloud to introduce a new international money transfer service called OANDA FX Payments, developed in collaboration with Shift Connect. This service facilitates cross-border payments in 35 currencies for corporate clients, offering a secure online platform that aims to reduce transaction costs and mitigate currency risks.
OANDA FX Payments provides a personalised customer support service and merges OANDA's expertise in foreign exchange with Currencycloud's payment technology and Shift Connect's customer service capabilities. The service is accessible through OANDA Business Information and Services and complements OANDA's existing FX Data Services, including the OANDA Exchange Rates API, which offers access to various currency data for over 38,000 currency pairs dating back to 1990.
In March 2028, OANDA has updated its Exchange Rates API to include real-time currency rates, updated every five seconds, providing accurate market prices. The API also offers 96 daily fixing rates at 15-minute intervals, including bid, ask, and midpoint rates. Customers can access daily and period average rates aligned with their time zone, as well as open and close prices.
The aim is to provide corporate treasurers, finance directors, product managers, and developers with greater visibility into the FX market, helping mitigate risk, reduce currency exposure, and improve cash flow. API documentation is available on OANDA's website for seamless integration with various software systems.
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