UK-listed IG Group launches crypto trading to retail investors

The new launch expands IGs existing

cryptocurrency

offering, as the company has previously offered crypto-based contracts for difference.

IG Group, a United Kingdom-listed trading and financial services company, is launching cryptocurrency trading to retail investors, expanding its footprint in the digital assets space.

IG customers can now access 31 crypto assets, including Bitcoin (BTC), Ether (ETH), XRP (XRP) and a variety of altcoins and memecoins such as Bonk (BONK), the company said in an announcement shared with Cointelegraph on June 2.

IG previously offered cryptocurrency exposure through contracts for difference (CFDs), but this marks a direct entry into

spot crypto

trading

IG‘s crypto trading services come as crypto adoption continues to grow in the UK amid the government’s push for a crypto regulatory regime.

Infrastructure and compliance provided by Uphold

IGs latest crypto offering is launched in partnership with the United States-based crypto asset firm Uphold, which is regulated in the US and the UK.

The offering is integrated across the IG platform and the IG Invest app, allowing customers to switch from crypto accounts to any other IG accounts, including stock trading.

Uphold will handle all customer transactions and provide pricing data, with its infrastructure fully integrated into IGs user experience, the companies said in a joint announcement.

“This is a huge moment for IG and a major milestone in the UK's crypto journey, with retail investors now able to buy, sell and hold crypto assets with a grown-up business,” said IGs UK managing director, Michael Healy.

IGs previous crypto moves

The new offering by IG brings crypto spot trading to retail investors after the firm previously introduced crypto CFD trading to institutional clients.

Unlike spot trading, which involves buying and selling crypto assets at their current market prices, CFDs are financial instruments that allow traders to speculate on prices without owning the underlying asset.

A screenshot of IG offering CFDs by the time of the spot trading launch. Source. IG Group

According to the IG website, the company allows its clients to trade CFDs on 11 major cryptocurrencies, including Bitcoin, Ether, Litecoin, Cardano and more.

Related: UK to require crypto firms to report every customer transaction

In early 2021, IG halted its retail crypto offering in the UK following a temporary ban on crypto derivatives trading by the UK Financial Conduct Authority.

UK progressing with crypto regulations

IGs latest move into crypto marks a major adoption milestone in the UK amid regulators working on introducing industry standards and regulations.

On May 28, the UK FCA launched a public consultation on proposed new rules for stablecoin issuers and crypto custody providers.

In April, the UK government published general draft regulations for cryptocurrencies like Bitcoin, aiming to protect crypto asset investors from risky investments and scams.

The news comes as crypto adoption is booming in the UK, with the country seeing a massive increase in new crypto owners in the past year, outpacing Europe, according to Gemini.