Danish investment bank Saxo to launch crypto trading platform in Mideast

The bank’s clients can trade and hedge both long and short exposure in the three major crypto currencies. (Shutterstock)

• The Crypto FX will allow investors to trade Bitcoin, Ethereum, and Litecoin against euros, dollars, and yen

DUBAI: Danish trading and investment specialist Saxo Bank is launching a new cryptocurrency product, allowing clients from the Middle East and North Africa to trade crypto coins against some major currencies.
The Crypto FX will allow investors to trade Bitcoin, Ethereum, and Litecoin against euros, dollars, and yen from a single margin account, the bank said in a statement.
The bank’s clients can trade and hedge both long and short exposure in the three major crypto currencies, it said, and they will be in the form of derivatives and not physical coins.
“The offering sits at the intersection of traditional finance and crypto, which is where we see the market evolving as it draws the attention of retail traders and financial institutions,” Kay Van-Petersen, global macro strategist at Saxo Bank, said.
The new platform comes as governments in the region, including the UAE, Saudi Arabia, and Bahrain, have introduced new policies regulating crypto-related transactions.  
It comes amid continued volatility in the sector with Bitcoin losing some ground during a weekend sell-off, sparked by renewed signs of a Chinese crackdown on the emerging sector.
However it recorded some gains on Tuesday, trading at nearly $40,000 – rising more 4 percent in the last 24 hours.