Saxo Markets, the digital investing subsidiary of Danish bank Saxo, has launched a service enabling trading of three top cryptocurrencies in FX pairs.
- The offering matches bitcoin, ether and litecoin against the euro, U.S. dollar and Japanese yen, initially for Saxo Markets’ clients in Singapore and Australia.
- Rollout to other key markets will follow in the coming weeks, a Saxo Markets spokesperson told CoinDesk.
- The news marks Saxo Markets’ first new crypto offering since 2017 when it launched exchange-traded notes (ETNs) tracking bitcoin and ethereum.
- The new offering is designed to complement the company’s existing range of crypto trackers and ETNs, according to Saxo’s emailed announcement Tuesday.
- The cryptocurrency traded will be in the form of derivatives rather than the actual coins.
- Retail clients will be able to trade on 60% margin with accredited investors trading on 40% or 50%.