 In 1997 Midas launched its first internet product; a trading platform for currencies called "MITS" (later replaced by "SaxoTrader").The company renamed to Saxo Bank, named after the Danish Saxo Grammaticus, because there was already a Nigerian bank called Mida operating at an international level.Saxo obtained its new banking license in 2001, began expanding its online presence and moved to new headquarters in the Copenhagen suburb of Gentofte.