Broker OANDA Rebrands, Launches Crypto Trading Service in US Market

<p>OANDA, a longtime player in the multi-asset retail trading industry, has added crypto trading ability to its platform for users in the United States. </p><p>The crypto trading offering was launched in partnership with Paxos, a regulated blockchain infrastructure company, the broker announced on Friday.</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Crypto trading now available through OANDA! ??Find out more about the benefits of trading cryptocurrency with OANDA ?? <a href="https://t.co/Qlfvukz7lp">https://t.co/Qlfvukz7lp</a><a href="https://twitter.com/hashtag/OANDA?src=hash&ref_src=twsrc%5Etfw">#OANDA</a> <a href="https://twitter.com/hashtag/SmarterTrading?src=hash&ref_src=twsrc%5Etfw">#SmarterTrading</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://t.co/ReIdEUyS8S">pic.twitter.com/ReIdEUyS8S</a></p>— OANDA (@OANDA) <a href="https://twitter.com/OANDA/status/1583110275032457217?ref_src=twsrc%5Etfw">October 20, 2022</a></blockquote><p>The new feature means that users in the United States can now trade spot crypto on Paxos’itBit exchange from the OANDA mobile app, the broker said.</p><p>“The decision to add crypto access to OANDA’s popular forex trading platform was made in response to the needs of active traders—giving them the ability to trade according to their personal style is key,” explained <a href="https://www.financemagnates.com/executives/oando-onboards-fxcms-jessica-beckstead-as-md-north-america-ceo-us/">Jessica Beckstead</a>, the CEO of OANDA for North America.</p><p>The launch comes almost one month after the broker, which is based in Canada, announced its <a href="https://www.financemagnates.com/forex/brokers/oanda-joins-forces-with-paxos-to-develop-crypto-trading-ecosystem/">partnership with Paxos</a> to develop a crypto trading ecosystem.</p><p>OANDA said it had added a crypto trading feature to its platform “to give investors easy access to crypto alongside their existing forex portfolios in a secure environment.”</p><p>“Everything from Paxos account opening to funding to trading is managed within the app so investors can seamlessly access major cryptocurrencies such as Bitcoin, Ethereum and PAX Gold against the US dollar from an intuitive platform,” the broker explained.</p><p>Rebranding</p><p><a href="https://www.financemagnates.com/tag/oanda/" target="_blank">OANDA</a> said it is unveiling a new brand identity this week. However, the broker's new logo is already on display on its website. </p><p>OANDA, which also offers currency data and analytics services, added that the move proves its commitment to facilitate smarter trading for its customers.</p><p>“OANDA’s new look and feel represents the company’s commitment to always putting its clients first,” the broker said.</p><p>It added, “The core focus of OANDA’s brand evolution is to empower traders with the right tools so they can trade smarter.”</p><p>A New Phase of Growth</p><p>Speaking on the launch, Gavin Bambury, the CEO of OANDA, noted that the number of Americans in search of exposure to cryptocurrencies continues to increase.</p><p>Hence, the need to create “a unified trading experience” for active traders and sophisticated investors through the inclusion of digital assets in their portfolios.</p><p>“Our partnership with Paxos continues that growth trajectory as its regulated blockchain infrastructure allows us to provide our clients [with] access to crypto trading, so they have a fast and secure route to the digital economy,” Bambury added.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

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How Forex Brokers Can Tap the Metaverse Ahead of Competitors

Metaverse companies were boosted by renewed interest in the virtual space. Forex brokers have yet to capitalize over the potential advertising space the metaverse is offering.

Head-diving into virtual waters requires may appear intimidating but it is an untapped space that is likely to be overcrowded in the years to come.

In a study published earlier this year, Citi estimates that 'the total addressable market for the metaverse could be between $8 trillion and $13 trillion by 2030, with total Metaverse users numbering around five billion.'

Citi added that the metaverse may be the next generation of the internet as we know it today.

HTC announced that it is launching its very own metaverse smartphone, nicknamed the Viveverse phone. On 28 June 2022 the smartphone will make its debut.

source: twitter

The phone is scheduled to debut on Tuesday, June 28.

An direct integration to Viverse is a smart maneuverer, which may lead other companies to follow suit with other platforms. Gateways to various platforms may be provided to the highest bidder. HTC’s Vive headset may also be integrated into the smartphone.

The TIME magazine that realized the potential in the metaverse recently announced it has partnered with the Sandbox.

The iconic Times Square will be recreated in the metaverse, which may act as a 'tourists' attraction in the virtual world. Keith A. Grossman revealed the company's goals in the metaverse.

"Our goal is to create a destination that will be the heart of the metaverse. Since launching TIMEPieces in September 2021, we have focused on developing a community in Web3 that benefited from the incredible 100- year legacy and access TIME has established.

"We are thrilled to now tap into that community as we seek to find the architect to design TIME Square in the metaverse, as we create an immersive experience with The Sandbox that provides a natural bridge between the virtual community of TIMEPieces, the historical coverage and global relationships of TIME, the unique IP coming from TIME Studios, TIME for Kids, and our real-lifeIRL events.”

The move into the metaverse may 'force' other companies to show their presence in other virtual lands. It is time for retail forex brokers to dive into the advertising space in the metaverse. Being a pioneer in the digital world has many benefits including a greater exposure.

Below are several advertising methods both forex and crypto brokers may adopt to further improve their brand awareness.

The most popular method is acquiring virtual lands. The broker may build its own office/tower/mall using its brand. As more users populate the metaverse platform, the greater exposure the broker receives.

Advertising competitions, contests or special programs may be announced in the virtual world as well as offering customer service in real time.

Launching a forex trading academy in the Metaverse with NFT acting as a certificate may garner great attention from forex traders across the world.

Choosing the metaverse platform that will provide superior results is challenging. There are numerous metaverse platforms to choose from, some are still under developments.

TCG World 2.0

TCG world aims to deliver a metaverse platform in 4k. TCG World have already raised the interest of several companies. GGTOOR, a company in the eSports space since 2020 acquired 2,145 parcels (virtual land) in TCG World.

The purchased parcels include 4,144 properties in TCG World, branded as GGTOORCITY. The size of the deal is estimated to be worth $102,300,000.

The parcels were purchased by 'issuing its blank check preferred stock, one share for every parcel purchased' according to the press release.

GGTOOR explained that in TCG World, if you own a car you can drive it through the city. If you own a golf course, you can play inside it. This is as opposed to some of the well-known metaverses.

Earlier this year Curzio Research Inc purchased 19 real estate properties in the Asian sector of TCG World for $5 million. Curzio VIP clients can meet with investors, attend conferences, listen to podcasts and more.

Gamium is also ranking among the top metaverse projects in the industry.

Smart cities is a concept that is beginning to pick up pace. Catalonian director-general of innovation Daniel Macro revealed that Catalonia is working on a Catalonian metaverse, dubbed as Cataverse.

"Cataverse will be linked to the Catalan language and the Catalan culture," said Marco. "That is what we want to have in this metaverse, that Catalan entities that are doing things for the culture can do that in the metaverse.”

Catalonia is also working on integrating personal health and public transport into the blockchain.

Advertising in similar metaverse cities may also be more cost-effective compared to advertising in the real world.

Sponsoring an event or musical concert in the metaverse is a powerful commercial tool. The PR that could be obtained may ripple throughout the markets.

A private event may be held, accessible solely to the broker's customers. Educational courses, panels, promotions, the possibilities are endless. If a parade is held in the metaverse.

The pride parade that took place in New York will also happen in the metaverse, Decentraland and the Sandbox. By being an active partner in parades or online events may be just as powerful as advertising at the Super Bowel.

Ceek VR and Animal Concerts

Both companies offer virtual venues for artists. A sponsored event at these platforms may have the desired impact and registrations. New platforms constantly surface from time to time.

Partynite.io for example is a metaverse platform primarily for the Indian market.

Forex brokers can custom design avatars and clothing line with their brand. Imagine in a +800,000 crowd in the metaverse an avatar with your broker's name walks the city, awarding the company a mass exposure.

A custom car can be designed for the metaverse with the brand's logo or even a golf course, virtual billboards, stadiums and more. As it is still relatively new, the first to hop on the virtual platforms may benefit the most.

Each platform is different and offers a unique experience.

Once the US and European regulations (EU crypto regulations may only begin from 2024) are outlined, the financial sector of the metaverse may boom. Various payment methods within the metaverse are already being developed.

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Denmark’s FSA Orders Saxo Bank to Dump Crypto Holdings

Denmark’s financial markets supervisor has demanded that Saxo Bank dump its cryptocurrency holdings. The Danish Financial Supervisory Authority (FSA) stated this in a statement released today (Wednesday), noting that the multi-asset broker’s trading in digital assets for its own accounts falls outside the investment bank’s “lawful area of activity.”

Danish Watchdog Frowns at Saxo Bank

As a bank that specializes in online trading and investment, Saxo Bank offers a wide range of financial products and services, including online trading in stocks, bonds, commodities, forex, contracts for difference, fiat currencies and cryptocurrencies.

According to the FSA, the Copenhagen-based investment bank hedges its crypto assets to match the market risk associated with its digital asset products. However, the regulator noted that trading in crypto is not part of the supported activities listed in Appendix 1 of the Danish Financial Business Act.

“Unregulated trading of crypto assets can create distrust in the financial system, and the Danish FSA finds that legitimising trading in crypto-assets would be unjustified,” the financial watchdog explained. “Thus, the activity cannot be accepted as an ancillary banking activity for reasons of financial stability, cf. section 24 of the Danish Financial Business Act.”

Furthermore, the regulator pointed out that because the European Union’s recently passed crypto regulation, Markets in Crypto-Assets (MiCA), will only come into enforcement in its entirety on December 30, 2024, crypto trading among financial institutions “remains unregulated for the time being.”

"We naturally take the decision of the Financial Supervisory Authority into account and will read it thoroughly to consider how we otherwise respond to it," Saxo Bank said in a statement shared with Finance Magnates, pointing out that its customers get exposure to cryptocurrencies without owning them.

"With regards to this, we have held a very limited portfolio of cryptocurrencies, solely to hedge a very marginal proportion of risk associated with the facilitation of crypto assets. The vast majority of this exposure is mitigated through exchange-traded and cleared products," the Danish investment bank elaborated. "Therefore, the FSA's decision will have a very limited impact on our business, and our client will not experience any significant changes.”

Saxo Bank’s FX Volume Drops 8% in June

Meanwhile, Saxo Bank on Wednesday released its monthly trading volumes for June 2023, reporting an 8% decline in its forex trading volumes. The volume came in at $119.5 billion, with the daily average falling by 5% to $5.4 billion.

However, compared to the same month last year, the drop in total forex volume in June 2023 is much more significant: the volume went down by 22% from $152.5 billion. Similarly, the daily average volume plummeted by 21% from $6.9 billion.

Since the start of 2022, Saxo Bank’s monthly forex trading volumes have been undulating, finally sinking to $102.8 billion in April, which is the lowest volume since December 2021. However, the volume later picked up, jumping by 27% to $130.5 billion in May, only to drop again last month.

Across all markets, Saxo Bank’s trading volumes weakened by 4% to $391.7 billion, with the monthly volumes from its trading activities in commodities and fixed income slumping by 21% and 13% to $32.1 billion and $6.6 billion, respectively. On the contrary, trading volume in equities strengthened by 2%, rising from $228.2 billion in May to $233.5 billion last month.

New COO at Marex; LCH RepoClear's service merger; read today's news nuggets.

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