Denmark-based trading and investment specialist Saxo Bank has recently announced the launch of a new cryptocurrency product, Crypto FX. This will let clients from the Middle East and North Africa trade cryptocurrencies against major currencies.
The Danish firm stated that the Crypto FX would allow investors to trade Bitcoin, Ethereum, and Litecoin against euros, dollars and yen from a single margin account. It also complements the bank’s existing range of over 40 different cryptocurrency trackers and Exchange Traded Notes (ETNs). Clients can trade, and hedge long and short exposure in the said significant cryptocurrencies. However, they will only be in the form of derivatives and not physical coins.
Kay Van-Petersen, the global macro strategist at Saxo Bank, addressed the media and said, “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.” He further added that the offering sits at the intersection of traditional finance and crypto, where the bank sees the market evolving as it draws the attention of retail traders and financial institutions.
The UAE, Kingdom of Saudi Arabia and Bahrain have already introduced new policies to regulate crypto-related transactions. The new plan of Denmark is an effect of the same. It comes amid continued volatility in the sector, with Bitcoin losing ground during a weekend sell-off. That was sparked by the government of China when it banned crypto trading in the country. On Tuesday, Bitcoin gained trading at nearly $40,000, rising four percent in the last 24 hours.