Publicly listed fintech XTB (WSE: XTB) plans to introduce spot cryptocurrencies to its providing, possible this yr, Finance Magnates has discovered.
Whereas digital property have been accessible via the corporate since 2018, they have been solely supplied as contracts for distinction (CFD). XTB, which goals to grow to be an all-in-one monetary tremendous app, now plans to develop its providing to incorporate “bodily” cryptocurrencies.
Lately, XTB posted a job itemizing on LinkedIn in search of a “Head of Crypto.” The posting indicated that XTB was on the lookout for somebody to “construct a complete digital asset buying and selling platform for retail shoppers”.
“You probably have expertise in crypto custody, order execution, and a powerful understanding of cryptocurrency-related laws, we invite you to hitch our group and form the way forward for cryptocurrency buying and selling with us,” the job posting acknowledged.
Though the job posting has expired, and it is unclear whether or not XTB has stuffed the place, Finance Magnates confirmed immediately with the corporate that spot cryptocurrencies are into consideration.
“We’re Contemplating Cryptocurrencies”
Filip Kaczmarzyk, Head of Buying and selling at XTB
Filip Kaczmarzyk, Head of Buying and selling Division at XTB, confirmed they’re “contemplating cryptocurrencies.” He famous that if carried out, the corporate would preserve each crypto CFDs and spot buying and selling, treating them “as two completely different devices”.
Whereas some unofficial sources recommend the brand new cryptocurrency providing might launch this yr, the corporate hasn’t dedicated to particular dates.
Kaczmarzyk emphasised that different merchandise at the moment take precedence: “For now, we’re specializing in long-term funding merchandise corresponding to retirement accounts. Bonds have briefly fallen out of our plans, as shoppers appear to want the simplicity of interest-bearing financial savings accounts”.
XTB’s Tremendous App Imaginative and prescient
Throughout Finance Magnates’ go to to XTB’s Warsaw headquarters, CEO Omar Arnaout confirmed the fintech’s ambition to grow to be an all-in-one monetary tremendous app. He talked about that XTB wants roughly 5-6 extra merchandise to totally understand this imaginative and prescient. Spot cryptocurrencies will surely be one other stepping stone towards reaching this purpose.
Since 2023, XTB has launched quite a few product improvements, together with fractional shares and ETFs, Funding Plans, multi-currency card funds, and retirement accounts throughout an rising variety of international locations.
Omar Arnaout, CEO of XTB, Supply: LinkedIn
Whereas XTB may nonetheless be primarily related to CFDs, most new shoppers present no real interest in these devices.
“At the moment, round 80% of our new shoppers make their first transaction in shares and ETFs, which displays a shift in buyer intentions,” Arnaout revealed.
XTB has had a powerful yr on the inventory market, rising by nearly 90% in 2024 and testing historic highs above 78 zlotys per share. Shareholders at the moment are eagerly awaiting the most recent This autumn and full-year report. The newest Q3 outcomes confirmed a 67% income improve and almost doubled web revenue to 200 million zlotys.
