Publicly listed fintech XTB (WSE: XTB) plans to introduce spot cryptocurrencies to its offering, likely this year, Finance Magnates has learned.

While digital assets have been available through the company since 2018, they were only offered as contracts for difference (CFD). XTB, which aims to become an all-in-one financial super app, now plans to expand its offering to include "physical" cryptocurrencies.

“Head of Crypto” Wanted

Recently, XTB posted a job listing on LinkedIn seeking a "Head of Crypto." The posting indicated that XTB was looking for someone to "build a comprehensive digital asset trading platform for retail clients".

"If you have experience in crypto custody, order execution, and a strong understanding of cryptocurrency-related regulations, we invite you to join our team and shape the future of cryptocurrency trading with us," the job posting stated.

Although the job posting has expired, and it's unclear whether XTB has filled the position, Finance Magnates confirmed directly with the company that spot cryptocurrencies are under consideration.

"We're Considering Cryptocurrencies"

Filip Kaczmarzyk, Head of Trading Department at XTB, confirmed they are "considering cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term." He noted that if implemented, the company would maintain both crypto CFDs and spot trading, treating them "as two different instruments".

While some unofficial sources suggest the new cryptocurrency offering could launch this year, the company hasn't committed to specific dates.

Kaczmarzyk emphasized that other products currently take priority: "For now, we're focusing on long-term investment products such as retirement accounts. Bonds have temporarily fallen out of our plans, as clients seem to prefer the simplicity of interest-bearing savings accounts".

XTB's Super App Vision

During Finance Magnates’ visit to XTB's Warsaw headquarters, CEO Omar Arnaout confirmed the fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term's ambition to become an all-in-one financial super app. He mentioned that XTB needs approximately 5-6 more products to fully realize this vision. Spot cryptocurrencies would certainly be another stepping stone toward achieving this goal.

Since 2023, XTB has introduced numerous product innovations, including fractional shares and ETFs, Investment Plans, multi-currency card payments, and retirement accounts across an increasing number of countries.

While XTB might still be primarily associated with CFDs, most new clients show no interest in these instruments.

"Currently, around 80% of our new clients make their first transaction in stocks and ETFs, which reflects a shift in customer intentions," Arnaout revealed.

XTB has had a strong year on the stock market, growing by almost 90% in 2024 and testing historical highs above 78 zlotys per share. Shareholders are now eagerly awaiting the latest Q4 and full-year report. The most recent Q3 results showed a 67% revenue increase and nearly doubled net profit to 200 million zlotys.