Bux acquires ‘social’ cryptocurrency investment platform Blockport
Terms of the deal remain undisclosed, although Bux says the move paves the way for the company to launch its own branded cryptocurrency investment app. Dubbed “BUX Crypto,” it will be available in the 9 countries Bux operates in and is planned to go live in Q1 this year.
In addition, we are told the founders and core team members of Blockport will join Bux and “take ownership” of the Bux cryptocurrency offering.
Once launched, BUX Crypto users will be able to access a variety of financial assets and markets, including Bitcoin, Ethereum and XRP. The Blockport Token will also be rebranded to the BUX Token.
“This will remain integrated in the platform and will also keep its trading discount function, which offers users a discount on trading fees,,” says Bux. Users will also be able to use the BUX Token in the future when more premium features become available, such as “advanced social community features” (whatever that means).
The move is especially interesting in context of competitors such as Robinhood and to some extent Revolut, which, alongside Freetrade, compete with Bux in the U.K. in the fee-free trading space for public markets (well, once Robinhood launches in Europe), and soon crypto.
“Bux users have long expressed interest in investing in cryptocurrency and we have been presented with an opportunity to bring on a committed and enthusiastic team that aligns clearly with our mission at Bux,” says Nick Bortot, CEO and founder of Bux, in a statement. “This mission is to help young Europeans do more with their money. With BUX Zero and BUX X firmly positioned in Europe as the place to invest and trade, taking on a fully established cryptocurrency partner that can deliver the experience that our Bux users have come to expect was a natural fit for us”.
Meanwhile, Bux says it believes cryptocurrency will play a “vital role” in the future of the financial ecosystem. And that by including the crypto asset class, the company can position itself as a “360-degree solution” for all the investing needs of European millennials.
BUX Crypto will register with the Dutch Central Bank (DNB) as a cryptocurrency services provider.