Saxo Banks Expands Crypto Offering amid High DemandOctober 26, 2021
Saxo Bank has enhanced its cryptocurrency offerings as its brokerage platform is witnessing an overwhelming demand for such investment products. Announced on Tuesday, the platform is now offering 9 crypto-FX pairs and increased position limits.
Additionally, the brokerage platform is offering more than 50 exchange-traded products (ETPs) tracking the performances of popular crypto assets. It even added ProShares Bitcoin futures ETF on the list of its offerings, which has been recently listed on NYSE Arca.
As for the position limits, Saxo’s retail clients can take positions as high as $200,000, which was increased from the previous limit of $50,000. For professional clients, this limit has been increased from $200,000 to $500,000.
“Saxo Bank set out to provide a product which offers the security and ease of use associated with more traditional asset classes, coupled with the market trends and price dynamics of the crypto space,” said Stanislav Kostyukhin, Commercial Owner for the Trader segment at Saxo.
Crypto Trading Skyrockets
The enhancement of crypto products came after the brokerage recorded $2.5 billion in turnover from cryptocurrency derivatives trading on its platform.
The Danish broker, which is known for offering trading services with forex and instruments of other asset classes, introduced cryptocurrency products last May. However, these products were limited to clients in certain jurisdictions including Australia and Singapore.
“The exceptional response and activity seen in the six months after the launch of our Crypto FX offering clearly shows that crypto is an increasingly important asset class for our clients,” Kostyukhin added. “We certainly expect interest to grow further as the crypto industry continues to mature, and we are planning to grow our offering to cater to the market as investor demand evolves.”
Meanwhile, Saxo is expanding into other vertices and recently acquired two new licenses in Hong Kong that will allow it to launch asset and wealth management services.
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