Portugal’s first licensed crypto exchange is now making it easier for users to trade in digital currencies such as Bitcoin (BTC) and Ethereum (ETH). The company just launched its online crypto trading service allowing investors to buy and sell cryptos on the go.
Users have more investment options to choose from as Criptoloja’s online trading service supports 94 cryptocurrencies including the most popular ones such as Bitcoin and Ethereum, according to Coindesk. The company’s CEO and co-founder Pedro Borges also pointed out the users can also “trade those cryptocurrencies for an additional 398 other cryptos.“
At the moment, the exchange’s online crypto trading is available only for desktop users. However, there are already plans of launching a mobile app by the end of 2021.
Investors who want to use the online crypto trading services must deposit funds in euros to Criptoloja’s account with the Totta Santander bank or to its Abanca bank account. Users are also required to present a valid identity document and must maintain an account with either of the two banks, which is likely for settlement purposes.
Those who purchased crypto using the platform's online trading can opt to hold their digital assets on Cryptoloja’s platform as it has an integrated third-party custody service. However, Borges did not disclose the third party’s name.
The company also revealed plans of expanding its reach to neighboring Spain. “Spanish clients will be opening the account with the Portuguese company,” the CEO said. “For that, we just have to inform Banco do Portugal that we are [offering] commercial efforts in Spain.”
Criptoloja become the first crypto platform to become a recognized virtual asset service provider when it obtained the license in June 2021 from the Central Bank of Portugal (Banco de Portugal). Just a few months after obtaining its license, the firm started to offer offline crypto trading services by August.