SoftBank-Backed Broker Avenue Launches Bitcoin Trading

SoftBank-backed broker Avenue Securities on Wednesday launched native, fee-free bitcoin trading services through integration with B2B platform Apex Crypto to meet growing demand for BTC and cryptocurrency among its 500+ 000 Brazilian customers.

“Cryptocurrency trading is now officially a reality with Avenue Digital Assets,” the company said Wednesday in an email to investors seen by bitcoin magazine. “All this with the same simplicity of our services that you already know, and integrated into your platform.

Cryptocurrency trading was live on the Avenue website on Wednesday and launched on mobile the following day. But although trading has been enabled, Avenue customers do not have the option to withdraw purchased cryptocurrency to external self-custody wallets at this time.

The news comes nearly a month after the US stock brokerage firm specializing in serving Brazilian clients announced plans to launch the feature.

Avenue’s app now provides the user with a direct interface through which to trade bitcoins, however, the actual trading takes place on the backend of Apex Crypto’s platform. To activate the new feature, a customer must agree to Apex’s terms and conditions and authorize Avenue to send their personal information to the third-party service provider, who will open an account for them.

“You are trading cryptocurrencies through your Apex Crypto account,” reads a warning posted on the Avenue app’s bitcoin trading page. “Apex Crypto is not a registered broker or member of FINRA and your cryptocurrency holdings are not FDIC or SIPC insured.”

Apex manages the buying, selling and custody of bitcoins for Avenue. The platform specializes in providing an easy and compliant integration option for fintech companies to add cryptocurrency trading functionality to their apps, according to its website.

In February, Avenue founder and CEO Alberto Lee said his company’s cryptocurrency trading feature would lower prices by up to 8% compared to Brazilian markets that trade in reais, the national currency. from the country.

“The volume of cryptocurrency exchanges in reais is still very low compared to the volume in dollars, and that makes a difference in price formation,” Lee said at the time.

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