Home Business ABN Amro takes over BUX, what happens to crypto trading?

ABN Amro takes over BUX, what happens to crypto trading?

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Today the big news was announced that ABN Amro has acquired the Amsterdam investment platform BUX. An interesting twist in the acquisition is the fact that BUX enabled the platform’s half a million users to invest in cryptocurrencies. What happens to it after ABN takes power?

Major asset manager sells even more Coinbase crypto stocks

  • Wallets and exchanges

ABN Amro is growing strategically

Bux was a platform that offered investors many options. This allowed users to invest in all types of assets such as stocks, ETFs, but also cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). For this reason, too, the platform enjoyed great popularity, especially among young investors in Europe. Bux had customers in at least eight different European countries.

However, after a very successful period during the Corona pandemic, the platform’s results lagged behind. Things didn’t go well for Bux. In 2021 it made a loss of at least 16 million euros and a year later even 17.7 million euros.

This obviously gave ABN Amro the opportunity to intervene. The takeover by the Dutch banking giant is the first of its kind since the recent expiry of nationalization. How much ABN Amro paid for the takeover is not yet known at the time of going to press.

Bux will initially continue to operate as an independent platform. The Dutch central bank (DNB) also has to officially approve the takeover. So it’s not quite final yet.

Crypto trading at Bux

The fact that Bux also enabled cryptocurrency trading adds a special twist to ABN Amro’s acquisition. This bank does not yet offer such options to its customers and does not appear to have any plans to do so in the short term.

This means that crypto trading at Bux will cease due to the acquisition. It will therefore no longer be possible for a customer to buy and sell their favorite crypto coins at Bux. A loss for European crypto investors who were looking for a reliable platform to trade digital currencies.

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