Cryptocurrency, broadly defined as virtual or digital money, came to limelight with the creation of Bitcoin in 2009. The cryptocurrency has expanded dramatically, ushering the new wave of virtual currency built on a decentralised peer-to-peer network.
Recently, BUX announced the official launch of BUX Crypto, a platform that allows users to trade cryptocurrencies easily and commission-free. This launch follows the announcement of the acquisition of Blockport by BUX in January of this year.
Founded in 2014 by Nick Bortot in Amsterdam, BUX aims to make it easy and affordable for users to do more with their hard-earned money. The Dutch fintech has served over 2 million users across 9 countries in Europe. It is backed by Holtzbrinck Ventures, Velocity Capital, Finch Capital and Initial Capital.
Said Nick Bortot, CEO & Founder, BUX:
We have been developing apps that fit the needs of a new generation of investors. Part of our current offering allows users to invest in shares at zero-commission in an elegant, intuitive interface. We see BUX Crypto as a natural extension of our current lineup, which is focused on offering products that make it simple and affordable for even the newest investor to get into the financial markets.
What’s the deal?
BUX Crypto allows users to buy and sell cryptocurrencies directly using Euros, saving investors additional fees on exchange rates from USD.
As a launch promotion, BUX Crypto will be offering the first 5,000 new users who have fully onboarded to the platform the option to trade with zero-commission and earn free BUX Tokens as a reward. Following this initial promotion, BUX Crypto users will always have the option to trade with zero-commission as long as they hold 2,500 BUX tokens in their portfolio.
BUX Crypto will initially be offering a selection of six cryptocurrency assets and will continue to add additional assets throughout the year. The initial offering includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and BUX Token (BUX).
BUX will register its Crypto platform with the Dutch Central Bank (DNB) as a cryptocurrency services provider. The platform is now available to residents of 25 European countries, including the Netherlands, Germany, Austria, and France.
Sebastiaan Lichter, Head of Product, BUX Crypto:
Following the official launch, BUX Crypto will be focusing its product development strategy on creating social-driven investing features. As a company that values its community, the product roadmap will focus heavily on building unique features that can bring both beginners and advanced investors together to learn from each other.
Offers 3 apps
In June 2019, the Amsterdam-based trading app startup also announced a $12.5 million (€11.4 million approx.) funding round led by venture capital firms including Velocity Capital and Holtzbrinck Ventures, bringing the total amount in funding raised so far to $35M.
Now BUX offers 3 apps that allow users to explore the financial markets including BUX Zero, the flagship platform that is making commission-free trading possible, allowing users to invest in the brands and companies they care about. BUX Zero is currently available in the Netherlands, Germany and Austria. BUX X, launched in 2014, oﬀers short-term, leveraged trading, all powered by a vibrant in-app community and also the newly-launched BUX Crypto.
Main image credits: BUX
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