Publicly
listed fintech XTB (WSE: XTB) plans to introduce spot cryptocurrencies to its
offering, likely this year, Finance Magnates has learned.
While
digital assets have been available through the company since 2018, they were
only offered as contracts for difference (CFD). XTB, which aims to
become an all-in-one financial super app, now plans to expand its offering to
include “physical” cryptocurrencies.
“Head of Crypto” Wanted
Recently,
XTB posted a job listing on LinkedIn seeking a “Head of Crypto.” The
posting indicated that XTB was looking for someone to “build a
comprehensive digital asset trading platform for retail clients”.
“If
you have experience in crypto custody, order execution, and a strong
understanding of cryptocurrency-related regulations, we invite you to join our
team and shape the future of cryptocurrency trading with us,” the job
posting stated.
Although
the job posting has expired, and it’s unclear whether XTB has filled the
position, Finance Magnates confirmed directly with the company that spot
cryptocurrencies are under consideration.
“We’re Considering
Cryptocurrencies”
Filip
Kaczmarzyk, Head of Trading Department at XTB, confirmed they are
“considering cryptocurrencies.” He noted that if implemented, the
company would maintain both crypto CFDs and spot trading, treating them
“as two different instruments”.
While some unofficial
sources suggest the new cryptocurrency offering could launch this year, the
company hasn’t committed to specific dates.
Kaczmarzyk
emphasized that other products currently take priority: “For now, we’re
focusing on long-term investment products such as retirement accounts. Bonds
have temporarily fallen out of our plans, as clients seem to prefer the
simplicity of interest-bearing savings accounts”.
XTB’s Super App Vision
During Finance
Magnates’ visit to XTB’s Warsaw headquarters, CEO Omar Arnaout confirmed
the fintech‘s ambition to become an all-in-one financial super app. He
mentioned that XTB needs approximately 5-6 more products to fully realize this
vision. Spot cryptocurrencies would certainly be another stepping stone toward
achieving this goal.
Since 2023,
XTB has introduced numerous product innovations, including fractional shares
and ETFs, Investment Plans, multi-currency card payments, and retirement
accounts across an increasing number of countries.
While XTB
might still be primarily associated with CFDs, most new clients show no
interest in these instruments.
“Currently,
around 80% of our new clients make their first transaction in stocks and ETFs,
which reflects a shift in customer intentions,” Arnaout revealed.
XTB has had
a strong year on the stock market, growing by almost 90% in 2024 and testing
historical highs above 78 zlotys per share. Shareholders are now eagerly
awaiting the latest Q4 and full-year report. The most recent Q3 results showed
a 67% revenue increase and nearly doubled net profit to 200 million zlotys.
This article was written by Damian Chmiel at www.financemagnates.com.
Source link
