Polish broker XTB has spent the last 18 months or so hammering out new products, including investment plans and cash equities.
One product it is yet to launch is physical crypto. Currently clients can trade CFDs on an underlying digital asset, but not buy and hold that asset itself.
Is that about to change?
Currently XTB is hiring for a Head of Crypto in its Polish office.
Although this could be to manage the company’s CFD offering, the qualifications for that role – particularly around custody – suggest it would involve dealing with physical assets, not just derivatives on them.
To top that off, the company already lists ownership of a company called XTB Digital in Cyprus.
Several firms, including Revolut, eToro, NAGA, and Trading 212, already hold a crypto asset services provider (‘CASP’) license in Cyprus. XTB does not appear to be listed under the Polish regulator’s equivalent licensing regime.
TradeInformer asked XTB if this means a crypto product is in the works. The broker told us they would not disclose details of their current product roadmap.
It would not be a surprise if the company is planning such a feature.
When we spoke to XTB CEO Omar Arnaout earlier this year, he noted that the company believes being first to market with new features and products is the deciding factor to win market share.
Consequently the company has invested massively in its technology team to ensure this keeps happening. The number of employees in the technology department is now close to 500, up from 170 at the end of 2021.
