Author: Silicon Canals

bitcoin cryptocurrency fintech fintech europe

The crypto platform of Amsterdam fintech BUX witnesses “explosive growth” as Bitcoin remains popular

In a recent development, Amsterdam-based fintech startup BUX Crypto has announced that it has seen explosive growth in the number of new user signups on its platform and also echoes the popularity of Bitcoin with a significant increase in the number of Bitcoins traded. 

The crypto platform of neo broker BUX saw a 500 per cent increase in average daily trades in January 2021 compared to December 2020. In addition, a 50 per cent increase of new users since December 1, 2020, also shows that new crypto investors are finding their way to the platform.

BUX Crypto popular among long-term investors

Digital currencies seem to be becoming a permanent part of the diversified portfolio of the average investor. This is because an increasing number of users active on BUX Zero – BUX’s commission-free investment app – are showing interest in cryptocurrency. 

Almost half of BUX Crypto’s users are also active on BUX Zero. This shows that a growing number of users who invest in stocks and ETFs no longer exclude investments in cryptocurrencies.

Bitcoin’s popularity remains undiminished and was traded 3.6 times more in January compared to December 2020. When January’s trading volumes are compared to three months ago, an increase of 7 times more traded volumes is shown. Two-thirds of users who buy Bitcoin since January 1st also hold it as a long position, indicating long-term investment.

Largest neo broker in Europe

BUX is a neo broker and has been making it easy and affordable for Europeans to do more with their money since 2014. The company was founded by Egbert Pronk, Joost van de Wijgerd, Nick Bortot, and Robbert Bos.

BUX is the largest neo broker in Europe. The fintech achieved this milestone in July last year after its overall user base grew to more than 300,000 users, as a result of it launching its zero-commission investing app to French users. This was the third country launch for BUX in 2020, following a successful launch in Germany and Austria earlier in the year.

Since its inception, BUX has made the markets accessible for more than 2.5 million users across nine countries in Europe. It currently offers three apps to explore the financial markets, including BUX Zero, its flagship platform that is making commission-free trading possible, allowing users to invest in the brands and companies they care about. BUX Zero is currently available in the Netherlands, Germany, Austria, France and Belgium.

Nick Bortot, founder and CEO of BUX, says, “We believe that anyone can become an investor, and BUX Zero has created a humanised investing experience for a new generation of investors in Europe. Buying and selling shares should be simple and affordable, and we’re looking forward to making BUX Zero’s seamless experience available to French users.”

Their second service, BUX Crypto, launched in 2020, also offers an easy and affordable way to invest in Bitcoin and other digital currencies.

The BUX products, including BUX X, are available across nine countries in Europe. The company is backed by investors such as Holtzbrinck Ventures, Velocity Capital, Orange Growth Capital, and Initial Capital.

The investment services of BUX Zero are authorised and regulated by the Dutch Authority for Financial Markets (Autoriteit Financiële Markten – AFM), claims the company. BUX X, the trading name of BUX Financial Services Limited, is regulated by the Financial Conduct Authority.

Recent developments

In April 2020, the company had announced a partnership with payments facilitator, Tikkie. This development made BUX the first broker in the Netherlands to offer Tikkie as a payment method. The partnership will result in a new payment method available for BUX Zero customers.

Prior to that in January 2020, BUX announced the acquisition of Blockport, a European social cryptocurrency investment platform. With this acquisition, Blockport was rebranded to BUX Crypto and was fully integrated under the BUX brand.

Back in June 2019, the trading app raised $12.5M (approx €11.4M) in funding led by venture capital firms including Velocity Capital and Holtzbrinck Ventures. The funding round also included debt financing from Kreos Capital. The raised capital supported the acquisition of online broker ayondo markets Limited (AML), BUX’s back-end provider for its trading app.

Source: Silicon Canals

Check out our Interview with Nick Bortot, founder and CEO of BUX in our Podcast In Check with Fintech.

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