Plum Fintech Limited, a smart money app operator licensed by the Financial Conduct Authority (FCA), has added crypto assets to its investment products line due to the partnership agreement with Bitpanda. Plum with clients from France, Belgium, Ireland and Spain can now buy, hold and sell five of the most popular cryptocurrencies .
According to the press release, the company plans to offer only 'more established' crypto tokens that can provide more stable long-term trading opportunities and reduce unnecessary risk. The current list of five cryptos includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA) and Binance Coin (BNB).
"Our customers in the EU are keen to explore crypto as an asset class, so we are delighted to be bringing them this new service in a quick and secure way. At Plum, our aim is to offer superior financial tools to help people grow their money over time in the most efficient way possible,” Victor Trokoudes, the CEO and Co-Founder of Plum, commented.
“We’ve chosen to offer five, more established coins at this stage as we want to make financial management simpler for people and encourage a longer-term investing approach instead of shorter-term trading.”
Cryptocurrencies at Plum can be purchased from €1. However, the transaction commission, a fixed rate of 2.5% per transaction, does not look encouraging compared to competitors’ offerings. By comparison, Robinhood does not charge any fees, while another investment platform from Europe, BUX, charges 0.5% per transaction.
Zero-Fee Stock Trading in the EU and Over 1m Customers
Earlier this year, Plus expanded its offering with commission-free stock trading in the European Union (EU) states. Adding crypto to the current product range should allow for building a wider consumer base and better portfolio diversification.
Plum Fintech Limited was established almost seven years ago, developing automatic savings and expense management services as well as adding investment options over time. More than 1.4 million customers currently use the app.
