One of the world’s largest independent financial services organisations has added a further two digital currencies to its cryptocurrency exchange app due to public demand being “fuelled by digital money becoming ever more mainstream.”
With the additions of Stellar Lumens (XLM) and Monero (XMR), users of deVere Crypto, deVere Group’s crypto platform app, can now buy, sell, store and exchange seven major cryptocurrencies. Existing digital coins on the app were Bitcoin (BTC), Ethereum (ETH) Litecoin (LTC), Ripple (XRP) and Dash (DASH).
The announcement comes after it is confirmed that IBM is to use Stellar for its first cryptocurrency on a public blockchain.
Nigel Green, founder and CEO of deVere Group, comments: “We’ve further expanded our offering on deVere Crypto to include Stellar and Monero due to clients demanding an even more extensive crypto portfolio.
“People are piling into cryptocurrencies. The surge in demand is being fuelled by digital currencies becoming ever more mainstream. Both retail and institutional investors are finding it increasingly hard to ignore the potential opportunities of crypto currencies.”
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He continues: “There are four key drivers for this current expansion of the crypto sector.
“First, the growing appreciation and understanding of the need for digital, global and decentralised currency in an increasingly digitalised and globalised world.
“Second, some of the world’s major tech companies, banking groups, financial institutions and household-name investors are investing in, using and/or beginning to adopt cryptocurrencies.
“Third, regulation of the sector is now becoming inevitable. This has been noted by the Head of the IMF and can also be evidenced by the July deadline for suggested cryptocurrency regulation set at the G20 summit this year.
“And fourth, the technology behind cryptocurrencies is improving all the time. For instance, scalability issues are being improved to bolster transaction processing capacities.”
Regarding the addition of the two new digital coins to deVere Crypto, Mr Green says: “All the digital coins have different characteristics, strengths and values. As such these additions help to achieve portfolio diversification within this specific asset class and their individual traits make them useful in different ways for investors.”
Earlier this year, he observed: “Those cryptocurrencies that have made it onto the deVere Crypto app have been painstakingly analysed and evaluated by the deVere Crypto Research Department, run by 10 of the world’s leading blockchain and crypto experts.
“Other companies, I believe, overlook this essential process and we are the only ones to be doing this level and scope of research.”
The deVere CEO concludes: “Whilst it is now becoming fully mainstream, the cryptocurrency sector remains highly volatile and advice should be sought by an independent financial adviser.
“That said, I fundamentally believe in the potential of digital money in today’s world.”