Trading of LTC, ETH, and BTC Launched by Arm of Saxo Bank
In the present times, no matter how much the traditional finance sector may criticize the cryptocurrency sector, it has marked its name in the global sector. In the last 6 months, the cryptocurrency industry has gained so much success that every financial institute wants to adopt cryptocurrencies.
At present, cryptocurrencies have become the center of attention for the global investment industry. More investors are joining the platform on a daily basis to increase their gains and thrive in the cryptocurrency investments market.
Over time, the banking systems have realized the importance of adopting cryptocurrencies. Several banks from all over the world have started providing cryptocurrency trading services to their clients. However, the majority of the banks are not doing it directly, but have formed their arms and subsidiaries taking care of such projects.
In the past, the majority of the banks opposed and still oppose the very existence of cryptocurrencies. Luckily, for them, their clients and consumers have not yet started demanding cryptocurrencies. The majority of the banks launching cryptocurrency-related products are doing it as they received several requests from their clients and consumers.
Therefore, the banks had to do it, otherwise, they would have started losing their clients. This is because people are looking for different ways to acquire or invest in cryptocurrencies. If their providers do not off cryptocurrencies or digital assets, then the investors would move on to different providers.
As per the latest reports, the investment subsidiary of the Saxo Bank, Saxo Markets, has launched a service for cryptocurrency trades. Saxo Markets has officially launched Litecoin (LTC), Ether (ETH), and Bitcoin (BTC) for trades in the initial run.
The Danish Bank’s subsidiary has announced that for now, only three cryptocurrencies will be launched for trading. More cryptocurrencies will be launched after the assessment of the performance and adoption rate of the three cryptocurrencies.
Similarly, Saxo Markets is not going all out with offering cryptocurrency trading services to all the clients around the world. Initially, the crypto-trading service will be made available to clients in Australia and Singapore, through fiat currencies; Japanese Yen, and U.S. dollars.
The bank will be expanding its services to more markets in the coming weeks. Based on the feedback and response from the clients’ end, the Saxo markets will be smartly rolling out the service into different areas.
The company will be offering cryptocurrencies in the form of derivatives instead of actual cryptocurrencies.
According to Saxo Markets, the new cryptocurrency trading service has been designed and launched for the appreciation of the existing range of cryptocurrency ETNs and trackers. Saxo Markets had communicated this information to its clients through an email on Tuesday, May 18, 2021.