Exclusive: Shares begins beta testing for crypto trading across Europe

finextra.com:

The crypto service is being rolled out across 11 European countries excluding the UK, as the fintech is still awaiting authorisation to offer crypto services there. “I think that offering crypto has become a necessity. Crypto, especially the leading coins, are quite mainstream as assets now.” “This is a transition phase, as we want to test it in a small scale way across Europe. Our current mission is to offer a large range of assets. US stocks were an easy starting point for us.. We want to enlarge the universe in terms of assets, so with crypto on one side and ETFs on the other, people can create a very diversified portfolio through Shares." He expects that some users will view crypto as a risky asset, allocating the majority of their funds toward traditional trades, leaving a smaller proportion to speculate on the crypto side.

Chemla notes that Shares’ goal is not to compete with platforms offering the largest range of crypto, but to offer around 40 of the most well-known coins to their users. Approximately 60% of Shares’ user base is below 28 years old, with millennials and young professionals comprising around 30%. The company trades on commission, taking a fee for each trade made (a higher fee for crypto trades) meaning that having an active, young user base which executes an average of 2.6 trades per week denotes a strong performance. Users’ average trade size is £40. When asked whether he is concerned about launching a crypto product amid current recessionary concerns and the global shock that the FTX collapse has instigated, Chemla remains optimistic.

He states that launching this type of product now is very good timing, as giving people the opportunities to better understand risk and make pragmatic financial