OANDA buys licensed UK crypto trading firm Coinpass
North American based Retail FX and CFDs broker OANDA is expanding its footprint in the crypto trading space, announcing that it has acquired a majority interest in Coinpass Limited, a crypto asset firm registered with the United Kingdom’s Financial Conduct Authority (FCA).
Coinpass was founded in 2018 to meet a growing demand for fast and secure access to digital assets in the UK. Coinpass enables retail investors, professional traders and businesses to invest and trade in cryptocurrencies, providing access to a variety of products including a range of fiat/crypto, crypto/crypto, and stablecoin pairs through proprietary trading technology solutions.
The company said that this acquisition will complement OANDA’s existing strengths in offering a wide range of CFD instruments, including on indices, forex, commodities, metals and bonds, on an award-winning trading platform.
Through Coinpass, one of the few crypto exchanges registered with the FCA, OANDA will be able to invest in and grow a cryptocurrency trading offering in the UK market, providing retail traders and investors with a regulated route to the digital economy. Coinpass will continue to service corporate clients, while also expanding its B2B2C capabilities to enable other firms to enter the UK crypto market.
The parties said that crypto ownership more than doubled in the UK last year, the FCA revealed in June 2023 following a consumer survey.
Gavin Bambury, Chief Executive Officer of OANDA said of the acquisition:
“By adding Coinpass’ regulated crypto trading proposition to OANDA’s existing multi-assets offering, we will significantly expand our footprint and widen our appeal to a growing base of retail investors in the UK. The acquisition also signals the start of an exciting new phase of growth for OANDA, creating the opportunity for a truly global B2B reach. A crypto-native, Coinpass will provide OANDA with the technology backbone and trusted experience in the regulated crypto markets we need in order to offer clients globally a fast and secure route to the digital economy.”
Jeff Hancock, Chief Executive Officer of coinpass.com added:
“The acquisition of Coinpass by OANDA was born out of an alignment of vision and shared values for offering top-quality trading products to UK users. OANDA’s market experience in trading as well as their extensive product offering made working with them as a long-term equity investor vital to Coinpass’s continued growth.”
OANDA is controlled by private equity investment firm CVC Capital Partners.