(Bloomberg) — Saxo Markets has launched a cryptocurrency offering enabling clients in select markets to trade Bitcoin, Ethereum and Litecoin against the dollar, euro and yen from a single margin account.
Clients can trade and hedge both long and short exposure in the three cryptocurrencies, which will be in the form of derivatives and not the physical coins, Saxo said in a statement. Saxo is targeting mass affluent, emerging-affluent clients and above with the offering, Saxo Markets APAC Chief Executive Officer Adam Reynolds said in an interview, adding that there’s been “strong demand” for this and it’s going to be launched progressively in different countries over the next few weeks.
“The active trading clients are going to be the ones most interested in this,” Reynolds said, “and that will include people who are active traders in FX, but also people like active traders in tech stocks.”
Traditional financial companies have been flocking to the maturing cryptocurrency space in the past year as offerings multiply and prices rise. Goldman Sachs Group Inc., Bank of New York Mellon Corp. and DBS Group Holdings Ltd. are among those expanding offerings to clients. Bitcoin and Ether futures from CME Group Inc. have proved popular. Saxo’s own existing range of over 30 cryptocurrency trackers and exchange-traded notes has seen year-to-date trading volumes exceed turnover for all of 2020, the statement said.
Bitcoin and Ether are the biggest and second-biggest cryptocurrencies, while Litecoin is number 10, according to CoinGecko.com. However, Litecoin has proven its durability and credibility, and seemed like a good candidate to be Saxo’s third offering, Reynolds said.