UK-listed IG Group launches crypto trading to retail investors

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 BitcoinBTC$105,415BitcoinChange (24h)1.06%Market Cap$2.09TVolume (24h)$23.58BView More, EtherETH$2,508EthereumChange (24h)0.03%Market Cap$302.17BVolume (24h)$12.4BView More, XRPXRP$2.16XRPChange (24h)0.21%Market Cap$124.71BVolume (24h)$1.61BView Moreand a variety ofaltcoinsand memecoins such as BonkBONK$0.00001676BonkChange (24h)2.89%Market Cap$1.16BVolume (24h)$22.12MView More, 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 acrypto regulatory regime.

Infrastructure and compliance provided by Uphold

IG’s latest crypto offering is launched in partnership with theUnited States-based crypto asset firm Uphold, which isregulatedin 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 companyallowsits 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, IGhaltedits retail crypto offering in the UK following a temporary ban on crypto derivatives trading by theUK 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 FCAlaunched a public consultationon proposed new rules for stablecoin issuers and crypto custody providers.

In April, the UK governmentpublished general draft regulations for cryptocurrencieslike 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 amassive increase in new crypto ownersin the past year, outpacing Europe, according to Gemini.

Magazine:Bitcoin $200K ‘obvious’ breakout, GameStop’s first BTC buy: Hodler’s Digest, May 25 – 31

Explore more articles like this

Subscribe to our Crypto Biz newsletter

Weekly snapshot of key business trends in blockchain and crypto, from startup buzz to regulatory shifts. Gain valuable insights to navigate the market and spot financial opportunities. Delivered every Thursday

By subscribing, you agree to ourTerms of Services and Privacy Policy