Trade Republic becomes latest neo-broker to launch crypto trading

Trade Republic, the Berlin-based neo-broker, is expanding into the crypto market with the launch of trading in bitcoin, ether, litecoin and bitcoin cash.

The startup, which claims to be Germany’s largest neo-broker, said in a press release that it would offer “commission-free” crypto trading with controlled spreads and a flat fee of €1 to cover third-party execution. The new functionality will be rolled out to a wider group of German customers in the coming days.

“Education and knowledge are our top priorities. Crypto trading is suitable for informed investors who are familiar with volatile markets,” said Christian Hecker, co-founder and CEO of Trade Republic. “In addition, we educate users on volatility and market development in the app and offer further information material to better understand the crypto market.”

Trade Republic’s move fits with a wider trend of European neo-brokers aggressively expanding into crypto over the last few months.

The Block reported in February that Freetrade, the London-based trading app which recently raised $69 million, and rival investment app Plum were both hiring teams to build new crypto capabilities. At that time, Trade Republic had recently hired Bryce Ferguson, former senior product manager at Coinbase – but told The Block that it had not yet committed to entering the crypto space.

Founded in 2015, Trade Republic allows users to buy and sell shares and exchange-traded funds (ETFs) through a mobile app. The startup is a licensed bank in Germany, operating under the authority of the Bundesbank and BaFin, the regulator. It raised $67 million in a round led by Accel and Founders Fund in April of 2020.

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Source: https://www.theblockcrypto.com/linked/103231/trade-republic-neo-broker-crypto-trading?utm_source=rss&utm_medium=rss

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