A week after launching a bitcoin ETF, Oak Ridge Investments is launching a cryptocurrency exchange for its own clients.
The Oak Ridge-based investment firm says its “addison” bitcoin ETF is the first in a series of ETFs it will launch next year, each with a different focus and structure.
The company says the addition of a bitcoin exchange in addition to its existing offerings of other digital currencies is a way to reduce transaction costs and ease the flow of funds to its clients.
“The fact that we’re able to provide a platform for bitcoin for our clients, we’re hoping to help accelerate the growth of bitcoin and its associated blockchain, blockchain technology,” said Adam Jentzsch, Oakville, Ontario-based Oak Ridge Investment Group’s chief investment officer.
“This will give our clients a better chance of getting into bitcoin, which is the cryptocurrency that’s going to be the next big thing in the global economy.”
Oak Ridge Investments says it’s offering its clients a simple-to-use platform for trading and trading digital currencies, with a number of options for adding and removing bitcoin from accounts.
The exchange will allow customers to send and receive bitcoin, and the company says its customers will have access to the same trading platform and trading tools that the exchange currently offers.
“Our goal is to be one of the few that will be able to offer the most advanced trading platform in the industry and the best technology and best products to help our clients take advantage of bitcoin,” said Jentl.
Oak Ridge Investment is also planning to open a second bitcoin exchange, with an “addion” ETF, next year.
It’s not yet clear if the new exchanges will be connected to Oak Ridge’s existing portfolio of digital currencies.
Oakville Investments says its clients will be free to trade in digital currencies as well as fiat currencies such as US dollars, Euro and British pounds, but will have to use their Oak Ridge account to trade them.
It says customers will also be able buy and sell digital currencies on the company’s Oak Ridge exchange, which will be launched by the end of 2018.
For more on cryptocurrencies, watch:This is the latest in a string of investments by Oak Ridge.
In 2016, the company invested in an open-source cryptocurrency called “Bitcoin Gold,” which went live in June, and invested in the bitcoin exchange Bitstamp in 2018.