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Tag: Bitcoins

  • Saxo Launches Crypto FX Trading in Singapore

    Saxo Launches Crypto FX Trading in Singapore

    Saxo Markets customers in Singapore will be able to trade in major cryptocurrencies as FX spot pairs.

    The online trading and investment platform’s new cryptocurrency offering enables customers to trade bitcoin, ethereum and litecoin against EUR, USD, and JPY from a single margin account, Saxo announced in a statement on Wednesday.

    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 actual coins.

    Pairing cryptocurrencies with FX makes it more appealing to investors who are more active in the market as it offers a trusted and secure way to trade cryptos, Saxo said.

    Trading via ETNs for example lets more investors access this product in a way that works for their portfolio and makes the most of its volatility. It’s also fundamentally less risky than using cryptocurrency wallets where access can, and has, been lost to dramatic effect, Adam Reynolds, Asia Pacific CEO, Saxo Markets, said in the announcement.

    According to Saxo, its existing range of over 30 different cryptocurrency trackers and ETNs, which so far this year have seen trading volumes exceeding the entire turnover for the whole of 2020 –  a year in which volumes surged 130 percent.

  • Starbucks will accept Bitcoin from next year

    Starbucks will accept Bitcoin from next year

    Global coffee chain Starbucks is now on track to accept payments in the world’s best-known cryptocurrency, Bitcoin.

    The firm is partnering with Wall Street-listed Intercontinental Exchange (ICE) which will begin testing its consumer app Bakkt in Starbucks stores in the first half of next year in as many as 30,000 Starbucks outlets globally.

    Starbucks hinted it might embrace cryptocurrencies early last year when founder and former president Howard Schultz told an earnings call that he believed one or a few legitimate cryptocurrencies would emerge in the future.

    But at the time he said: “I don’t believe that bitcoin is going to be a currency today or in the future.”

    Starbucks will serve as Bakkt’s first merchant client after more than a year of reportedly slow setup due to delays in its futures exchange launch. The coffee chain began researching the Bakkt app with ICE in August last year.

    Mike Blandina, chief product officer with Bakkt said in a blog post that the companies had set up a strong team of payments engineers and is now nearing completion of the core payments and compliance platform.

    “We’re now focused on the development of the consumer app and merchant portal, as well as testing with our first launch partner, Starbucks, which we expect in the first half of next year.”

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