The UK-listed trading and financial services company IG Group is launching cryptocurrency trading for retail investors, expanding its business scope in the digital asset space.
The company announced on June 2 that IG customers can now access 31 cryptocurrency assets, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), as well as various altcoins and meme coins like Bonk (BONK).
Previously, IG offered cryptocurrency exposure through contracts for difference (CFDs), but this marks a direct entry into the spot cryptocurrency trading arena.
The launch of IG's cryptocurrency trading service comes as the UK government pushes for a regulatory framework for cryptocurrencies, with continued growth in cryptocurrency adoption in the UK.
IG's latest cryptocurrency product is launched in collaboration with the US crypto asset company Uphold, which is regulated in both the US and the UK.
The product is integrated into the IG platform and the IG Invest app, allowing customers to switch from cryptocurrency accounts to any other IG account, including stock trading.
The two companies stated in a joint announcement that Uphold will handle all customer transactions and provide pricing data, with its infrastructure fully integrated into IG's user experience.
"This is an important moment for IG and a significant milestone in the UK's cryptocurrency journey, as retail investors can now buy, sell, and hold crypto assets through an established company," said Michael Healy, Managing Director of IG UK.
IG's new product brings cryptocurrency spot trading to retail investors after the company previously offered cryptocurrency CFD trading to institutional clients.
Unlike spot trading, which involves buying and selling cryptocurrency assets at current market prices, CFDs are financial instruments that allow traders to speculate on price movements without owning the underlying asset.
According to IG's website, the company allows customers to trade CFDs on 11 major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Cardano, and others.
At the beginning of 2021, IG suspended its retail cryptocurrency products in the UK after the Financial Conduct Authority (FCA) temporarily banned cryptocurrency derivatives trading.
IG's latest move into cryptocurrency marks an important adoption milestone in the UK, as regulators work to introduce industry standards and regulations.
On May 28, the UK FCA launched a public consultation on proposed new rules for stablecoin issuers and cryptocurrency custody providers.
In April, the UK government released a draft of general regulations for cryptocurrencies like Bitcoin, aimed at protecting cryptocurrency investors from venture risks and fraud.
As this news comes out, cryptocurrency adoption in the UK is thriving, with data from Gemini showing a significant increase in cryptocurrency holders in the country over the past year, surpassing Europe.
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Original article: “IG Group Launches Cryptocurrency Trading for Retail Investors”
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