IG Group, a United Kingdom-listed trading and financial services company, is launching cryptocurrency trading to retail investors, expanding its footprint in the digital assets space.
IG customers can now access 31 crypto assets, including Bitcoin (BTC), Ether (ETH), XRP (XRP) and a variety of altcoins and memecoins such as Bonk (BONK), the company said in an announcement shared with Cointelegraph on June 2.
IG previously offered cryptocurrency exposure through contracts for difference (CFDs), but this marks a direct entry into spot crypto trading
IG’s crypto trading services come as crypto adoption continues to grow in the UK amid the government’s push for a crypto regulatory regime.
Infrastructure and compliance provided by Uphold
IG’s latest crypto offering is launched in partnership with the United States-based crypto asset firm Uphold, which is regulated in the US and the UK.
The offering is integrated across the IG platform and the IG Invest app, allowing customers to switch from crypto accounts to any other IG accounts, including stock trading.
Uphold will handle all customer transactions and provide pricing data, with its infrastructure fully integrated into IG’s user experience, the companies said in a joint announcement.
“This is a huge moment for IG and a major milestone in the UK’s crypto journey, with retail investors now able to buy, sell and hold crypto assets with a grown-up business,” said IG’s UK managing director, Michael Healy.
IG’s previous crypto moves
The new offering by IG brings crypto spot trading to retail investors after the firm previously introduced crypto CFD trading to institutional clients.
Unlike spot trading, which involves buying and selling crypto assets at their current market prices, CFDs are financial instruments that allow traders to speculate on prices without owning the underlying asset.
According to the IG website, the company allows its clients to trade CFDs on 11 major cryptocurrencies, including Bitcoin, Ether, Litecoin, Cardano and more.
Related: UK to require crypto firms to report every customer transaction
In early 2021, IG halted its retail crypto offering in the UK following a temporary ban on crypto derivatives trading by the UK Financial Conduct Authority.
UK progressing with crypto regulations
IG’s latest move into crypto marks a major adoption milestone in the UK amid regulators working on introducing industry standards and regulations.
On May 28, the UK FCA launched a public consultation on proposed new rules for stablecoin issuers and crypto custody providers.
In April, the UK government published general draft regulations for cryptocurrencies like Bitcoin, aiming to protect crypto asset investors from risky investments and scams.
The news comes as crypto adoption is booming in the UK, with the country seeing a massive increase in new crypto owners in the past year, outpacing Europe, according to Gemini.
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