London-Based Plum’s App Extends Crypto Trading Services to Europe
Fintech firm Plum announced it is adding crypto trading services in France, Spain, Ireland, and Belgium. The London-based smart money platform teamed up with crypto firm Bitpanda to allow users in these countries to buy, sell, or hold BTC, ETH, ADA, SOL, and BNB.
Plum to Offer Crypto Trading in France, Belgium, Ireland, and Spain
Plum, a UK-based smart money app, is launching crypto trading services in several European countries including France, Spain, Belgium, and Ireland, the company announced Tuesday. The move comes as part of Plum’s partnership with crypto unicorn Bitpanda.
To achieve this, the Plum app will integrate Bitpanda’s application programming interface (API) tools to grant customers access to Bitpanda’s crypto offerings through Plum’s user-friendly interface. Customers will initially be able to buy, sell, and/or hold five crypto tokens including Bitcoin (BTC), Ether (ETH), Cardano (ADA), Solana (SOL), and Binance Coin (BNB).
“We’ve chosen to offer five more established coins at this stage as we want to make financial management simpler for people and encourage a longer-term investing approach instead of shorter-term trading.”– Victor Trokoudes, CEO and co-founder of Plum
Further, customers can also buy fractional shares of these crypto assets through the app, allowing them to start investing in crypto with as little as €1. Plum will allow an unlimited number of crypto transactions and charge a fixed fee of 2.5% per transaction, while all investments will be physically backed and held in cold storage, the company said.
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Plum Joins TradFi Giants
The addition of crypto trading services comes just a few months after Plum rolled out no-fee stock investing offerings in European Union (EU) countries. With crypto, the company aims to allow customers to diversify their portfolios in a one-stop shop.
Plum’s foray into crypto marks another traditional finance (TradFi) firm that is betting on the rapidly-growing digital assets space. The move comes amid a critical and difficult period for the crypto world, which was further exacerbated after the recent FTX collapse.
But the launch of crypto trading services should not come as a surprise given that many bigger TradFi giants added crypto offerings in 2022. Earlier this year, fintech behemoth Mastercard announced a program that allows banks to provide crypto trading services to their clients. More recently, Fidelity Investments said it started offering commission-free crypto trading in 35 states.
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