Saxo Bank announces crypto volumes exceed $2.5b year to date
By Joy Dumasia
Saxo Bank, the online trading and investment specialist, has announced that its selection of crypto products has exceeded 2.5 billion USD (16 billion DKK) in turnover for the year, leading the Danish online broker to increase position limits and add new crypto products in response to significant client demand.
Launched in May 2021, Crypto FX enables Saxo clients to trade Bitcoin, Ethereum and Litecoin against EUR, USD and JPY from a single margin account without the need to maintain a crypto wallet. Demand for Saxo’s Crypto FX offering has exceeded expectations. It is expected to continue as investors increasingly look to alternative assets as an avenue for diversification and a potential hedge against rising inflation.
Saxo Bank is now offering nine leveraged Crypto FX pairs and more than 50 exchange-traded products (ETPs) tracking tokens such as Cardano, Solana, Polkadot, Stellar, Ripple and other popular digital assets. One of the latest additions includes the first-ever US Crypto ETF issued by Proshares last week under ticker BITO. Saxo is increasing maximum Crypto FX position limits from 50,000 USD to 200,000 USD for Retail clients and 200,000 USD to 500,000 USD for Professional accounts.
Stanislav Kostyukhin, Commercial Owner for the Trader segment, said: “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. 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. As more investors look towards crypto-related assets as a potential hedge against inflation and avenue of diversification, we are excited to support our clients with a broad range of products which provides reliable, regulated and secure access to the crypto market. 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.”
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October 26, 2021
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