OANDA partners Paxos on new US crypto trading service

OANDA is offering the new crypto trading service via a partnership with Paxos Trust Company.

OANDA, one of the leading online broker platforms that provides multi-asset trading among other services, has expanded its services to the United States with a new crypto trading offering.

The company’s expansion into the US market is in partnership with regulated blockchain firm Paxos Trust Company, OANDA revealed in a press release on Thursday. 

The two companies announced they were collaborating on a cryptocurrency trading ecosystem September. 

OANDA eyes growing US market

By expanding to the US, OANDA hopes to tap into the growing crypto trading ecosystem by providing investors with a platform that gives customers seamless access to the crypto asset class alongside their forex portfolios.

“This launch signals the start of an exciting new phase of growth for OANDA, creating significant opportunity in the US market. As the number of Americans seeking exposure to cryptocurrencies grows, it’s becoming clear that digital assets should form part of a unified trading experience for active traders and sophisticated investors,” said Gavin Bambury, the Chief Executive Officer of OANDA.

US-based traders will access spot crypto trades via OANDA mobile app, with transactions powered by Paxos’s itBit exchange. Investors will manage all their activities via the app, including account registration, deposits and trading, the broker announced.

Customers will be able to trade bitcoin, ether and PAX Gold, with trading pairs against the US dollar.

Founded in 1996, OANDA debuted its FX trading platform in 2001 to pioneer web-based currency trading.