Online trading platform Plus500 has announced its intention to trade on the main market of London’s Stock Exchange, following on from a record performance thanks to the cryptocurrency boom.

Plus500

High levels of volatility in crypto markets helped boost the firm’s derivatives performance and after revenues increased 284 per cent in the first quarter of the year to £216.4m, Plus500 has applied to swap its placing on the AIM market for a premium listing as it looks for further growth.

Since the start of 2017, the company’s shares have increased by over 400% in value to £16.20, with a market capitalisation of £1.8bn.

Asaf Elimelech, Plus500’s chief executive officer, said: "We believe now is the right time to seek the listing to help further advance our ambitious global growth plans. The recent announcement of regulatory changes to the CFD industry by ESMA has also ensured that the framework in which we operate is now the clearest it has ever been.

"We believe that the listing and our shares being traded on the main market will provide a number of benefits for shareholders, including increasing the company's profile and status, providing currency for growth and facilitating potential inclusion in FTSE indices.

“Together these developments are expected to enhance the liquidity of the company's shares and provide a greater range of potential investors for the company both in the UK and overseas, reflecting the global nature of its business."