Saxo Market has launched a new crypto offering for its clients in Singapore and Australia, which can now trade three of the top cryptocurrencies, the firm said in a press release on 19 May.
According to the announcement, the digital investing subsidiary of Danish bank Saxo now allows some of its clients to trade Bitcoin, Ethereum, and Litecoin against the Euro, Yen, and U.S. dollar from a single account. The company further said that while initially launched only for Singapore and Australian clients, the offering will soon be rolled out to other key markets. Stanislav Kostyukhin, Commercial Owner – Trader segment at Saxo Bank, said in a statement:
“Saxo Bank has developed a unique proposition which gives our clients access to the growing crypto space in a flexible, secure and hassle-free manner from a single fully-licensed account without the need to use wallets or cold storage solutions.”
Users will be able to access the new “Crypto FX” offering during the standard foreign exchange trading hours. The cryptocurrency will be in the form of derivatives rather than coins, though users will be able to trade and hedge both long and short positions. Due to the volatile nature of crypto, retail clients will be able to trade with 2:1 leverage, while professional clients will have access to 3:1 leverage. The firm also claimed that the new offering is designed to complement its existing range of over 40 different crypto trackers and exchange-traded notes (ETN).
Saxo is the latest banking entity to offer its clients access to cryptocurrencies this year. Last week, DBS Private Bank enabled its private banking clients to invest, custody, and manage digital assets through a new crypto trust solution. Morgan Stanley, on the other hand, became the first U.S. bank to offer its wealthy clients access to three Bitcoin funds back in March.