Online trading and investment platform Saxo Bank has announced booming intake from its crypto products amid surging demand.
The bank’s turnover from crypto products exceeded $2.5bn (£1.8bn) for the year, leading the Danish online broker to increase position limits and add new crypto products in response to “exceptional” interest.
Demand for the platform’s digital assets division, Crypto FX, has exceeded expectations as investors look to diversify their portfolio’s and hedge against inflation by investing in alternative assets the bank said.
Stanislav Kostyukhin, Commercial Owner for the Trader segment at Saxo Bank, commented “the exceptional response and activity seen in the six months after the launch of our Crypto FX offering clearly shows that crypto is an increasingly important asset class for our clients.”
On Crypto FX clients can trade Bitcoin, Ethereum and Litecoin against EUR, USD and JPY from a single margin account without the need to maintain a crypto wallet. The company has announced it will now offer more than 50 exchange traded products (ETPs) tracking tokens such as Cardano, Solana, Polkadot, Stellar, Ripple and other popular digital assets.
One of the latest additions also includes the first ever US Crypto ETF issued by Proshares last week under ticker BITO.
It comes as banks worldwide increase their offerings of products offering clients crypto exposure amid surging demand.
Morgan Stanley has launched a crypto research team, following in the footsteps of Bank of America corp which created its own crypto research team earlier this year and banking giant Citigroup which offers investors access to Bitcoin futures trading products.
More than six in ten institutional investors and wealth managers from the US, UK, France, Germany, and the UAE that currently don’t have any exposure to cryptocurrencies and digital assets, expect to invest within the next year.