XTB's CEO Eyes Super App as 80% of New Clients Pick Stocks, ETFs

XTB has spent nearly two decades building its position as one of the leading contracts for difference (CFD) brokers. In recent years, however, the company has been doing everything to shed its CFD-only image, seeking clients in increasingly broader financial circles.

Although these three letters still account for 98% of the publicly listed company's revenue, CEO Omar Arnaout confirmed that the current ambition is to transform XTB into an all-in-one financial super app. In an exclusive conversation with Finance Magnates at the fintech's Warsaw headquarters, he also disclosed that the current profile of a retail investor looks entirely different from what it was 10 years ago.

Coinbase Acquired BUX's Cyprus Unit

Coinbase, the US-listed cryptocurrency exchange giant, acquired the Cyprus unit of BUX (formerly Stryk) and renamed the entity Coinbase Financial Services Europe, Finance Magnates has learned. Yorick Naeff, CEO of BUX, also confirmed the deal, saying: “We are pleased with the sale of our MiFID licensed entity, BUX Europe Limited (BEU), to Coinbase, a globally recognized leader in the crypto industry.”

With this acquisition, Coinbase now holds a Cyprus Investment Firm (CIF) license, which authorizes it to offer contracts for differences (CFDs) products. Additionally, the crypto exchange can passport this Cyprus license to provide financial products across other European Economic Area (EEA) member states.

Does FTX EU Have a New Owner?

Remember FTX? The European branch of the once-popular cryptocurrency exchange that became the center of a major scandal in 2022 has just been acquired. Well, it depends on who you ask.

It all began after Backpack announced it was the new owner of FTX EU. Although Backpack currently ranks only 200th in CoinMarketCap's cryptocurrency exchange rankings by daily trading volume, it hopes to expand its operations through the acquisition of this MiFID II-regulated entity.

Later, In a surprising reversal, FTX clarified that Backpack's “purported” acquisition of its Cyprus division had not been approved by the court, nor had Backpack been authorized to distribute funds to FTX customers.

Further, the press release stated, “The Backpack Press Release was issued without the knowledge or involvement of FTX,” and “a related website established by Backpack contains numerous potentially confusing statements regarding FTX EU, FTX, and the U.S. bankruptcy process.”