UK’s IG Group Expands Services with Launch of Cryptocurrency Trading for Retail Investors
London, UK – June 2, 2023 – IG Group, a prominent trading and financial services company listed in the United Kingdom, has announced the launch of cryptocurrency trading services aimed at retail investors, marking a significant step in its expansion within the digital assets sector. The new offering allows customers to trade a total of 31 different cryptocurrencies, including well-known assets such as Bitcoin (BTC), Ether (ETH), and XRP (XRP), alongside various altcoins and popular tokens like Bonk (BONK).
A Shift Toward Direct Crypto Trading
Previously, IG Group provided its clients with exposure to cryptocurrencies exclusively through contracts for difference (CFDs), financial instruments that allow speculation on the price movements of assets without ownership. However, this new service represents a direct move into spot trading—allowing retail investors to actually buy, sell, and hold cryptocurrencies at real-time market prices.
Michael Healy, IG’s managing director for the UK, described the initiative as a "huge moment" for the company and for the broader UK market, noting that it enables ordinary investors to engage with cryptocurrencies through a reputable financial services firm.
Infrastructure and Compliance Partnership with Uphold
To ensure a seamless trading experience, IG Group has partnered with Uphold, a regulated cryptocurrency asset firm based in the United States. Uphold will handle all transactions and provide pricing data within the IG platform and the IG Invest app, thus facilitating ease of access for users to transition seamlessly between crypto and other investment accounts, including stock portfolios.
Context of Rising Crypto Adoption in the UK
The launch coincides with a notable increase in cryptocurrency adoption throughout the UK. Recent reports indicate a surge in new crypto owners over the past year, making the UK one of the leading countries for crypto engagement in Europe. This rise in interest is occurring amid ongoing efforts by UK regulators to develop a structured regulatory framework for cryptocurrencies, enhancing investor protection and mitigating risks associated with the sector.
On May 28, the UK’s Financial Conduct Authority (FCA) initiated a public consultation regarding proposed regulations for stablecoin issuers and crypto custody providers, signaling ongoing governmental efforts to create industry standards. Additionally, draft regulations released in April aimed to protect investors by addressing certain risks associated with cryptocurrencies.
Historical Context for IG Group’s Crypto Offerings
This new cryptocurrency trading service represents a revival for IG Group, following a halt to its retail cryptocurrency offerings in early 2021 due to a temporary ban on crypto derivatives trading imposed by the FCA. Prior to this new rollout, IG Group had also offered cryptocurrency CFD trading services targeted primarily at institutional clients, emphasizing its commitment to serving a wide range of investors in the evolving financial landscape.
As regulatory clarity continues to improve and consumer interest grows, IG Group’s latest move positions the company to capture a share of the promising cryptocurrency market, while also setting a precedent for other financial services firms in the UK.
Conclusion
With this launch, IG Group not only broadens its product offerings but also underscores the growing integration of cryptocurrencies into conventional financial markets. Retail investors will now have the opportunity to engage directly with the crypto market through a well-established trading platform, potentially democratizing access to digital assets in the UK.
For more details on IG Group’s new cryptocurrency trading services and asset offerings, visit their official website.
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