An Amsterdam-based retail brokerage firm, BUX, announced the ‘soft launch’ of its crypto trading platform is scheduled for the first week of March, but the Dutch fintech doesn’t aim for instant rapid user acquisition. Dubbed ‘BUX Crypto,’ the branded cryptocurrency investment app, will begin onboarding early testers in a controlled way to make sure the platform offers stable performance.
BUX Crypto has moved into the production stage after being tested with a pool of beta clients. The “soft launch” version has reportedly passed a number default tests which check for issues with the trading platform’s user interface, its order book design, and data management.
This will allow the firm to run final tests of the platform, spot bugs, and fix them before the official launch later in the month.
BUX competes with Robinhood-like offerings in Europe
Earlier in January, BUX acquired Blockport, a European social cryptocurrency investment platform, in a bid to further expand its service offerings. Blockport will be rebranded to BUX Crypto and will register with the Dutch Central Bank (DNB) as a cryptocurrency services provider under the BUX brand.
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As explained in the company’s press release, the crypto service will be available in the nine European countries in which Bux operates, and users will be able to access a variety of digital assets, including Bitcoin, Ethereum and XRP. The company is expected to scale its development team to support their growth as they start to roll-out its product across Europe.
“We have decided to initially start with supporting a selection of six cryptocurrency assets so that our team can focus on preparing the platform for more liquid assets in the future. Our aim is to list new cryptocurrency assets throughout the coming year and include the community in the decision-making process for what assets to list on the platform,” the company further explains its product map.
Founded in 2014 by Nick Bortot in Amsterdam, BUX aims to offer European traders a Robinhood-style expertise though it has recently brought its brokering in-house. In addition to cryptos, the company also offers commission-free investing that lets users invest in brands and companies they like via its own app.