Scalable Capital has become the latest neo-broker to push into cryptocurrency trading with the launch of its new product “Scalable Crypto,” according to an announcement.
The product will operate through regulated stock exchanges in Germany, aiming to target “all investors who take their financial investments into their own hands and want to diversify part of their portfolio into digital assets”.
On the platform, cryptocurrencies are held in the form of securities in the customers’ existing custody accounts. Trading takes place on the Xetra (Deutsche Börse) and gettex (Munich Stock Exchange) exchanges during regular trading hours.
The exchange-traded products are managed by CoinShares, which is Europe’s largest investment company for digital assets.
Scalable’s move comes amid a rush by others in the neo-broker market to integrate crypto capabilities in their products. Trade Republic, Plum, Freetrade and Public.com are just a few examples of companies that have laid out plans or launched in recent months.
Co-founder and managing director Erik Podzuweit said Scalable’s product makes crypto trading as easy as trading stocks or ETFs.
“Cryptocurrencies have established themselves as an asset class in a balanced portfolio,” he said. “With ‘Scalable Crypto’ we are creating a cheap and intuitive offer to make it easier for even more people to enter the crypto world.”
The announcement of new capabilities comes six months after the company’s Series E funding round led by Tencent, which raised more than $180 million at a $1.4 billion valuation.
Scalable Capital manages more than €6 billion on its platform.