On October 20, Oanda announced cryptocurrency trading services for its US market that are designed to give investors easy access to cryptocurrencies alongside their existing wallets.
It is the latest traditional financial company to enter the crypto space. But the move comes in the depths of a bear market when demand is low.
The technology was developed in collaboration with Paxos Trust Foundation, a blockchain regulated infrastructure company.
Cryptocurrency trading is now available via OANDA!
– OANDA (OANDA) October 20 2022
US customers will now be able to trade cryptocurrency through the Paxos itBit exchange directly through the Oanda mobile platform. According to the announcement, trading features such as stop-loss and limit orders are also available on the platform.
Oanda CEO Gavin Bamburi said crypto assets should be accessible to traders and investors.
“As more and more Americans seek exposure to cryptocurrency, it is becoming clear that digital assets should form part of a unified trading experience for both active traders and seasoned investors.”
Ed Moya, the company’s senior market analyst, added that the development of institutional investment in cryptocurrencies “led to a period of stability that prompted major players such as Schwab, Citadel and Fidelity to move forward with new digital asset offerings in the crypto market.”
Oanda notes that institutional adoption is on the rise, which could lure retailers back into the asset class.
The company was founded in 1996 and has since grown into a global leader in currency and data exchange. Its main competitor is Xe.com, another major cryptocurrency company that has not yet offered cryptocurrency trading services directly on its platform. Another competitor, FXCM, offers cryptocurrency trading services and more forex companies are likely to expand their services as demand increases.
Crypto market update
Cryptocurrency markets are still stuck in a side channel that has been going on for more than four months. Total market capitalization remains unchanged over the past 24 hours, remaining at $954 billion.
Bitcoin is trading at $19,140 at the time of writing, having moved quite a bit over the past day. The situation was similar for Ethereum, which made half a percent as it moved back towards the $1,300 level.
There were no big moves in the top 20 as the buildup and exhaustion continued. Analysts warned of a big step forward after such a long period of low volatility, and October is usually the month when markets crash.
The post launched by another global forex giant for cryptocurrency trading services first appeared on CryptoPotato.