It would seem demand for crypto on deVere’s app is booming, so they’ve invited in some new additions to the pack.
After launching the app in February this year, deVere Crypto is set to expand yet again to add two more cryptocurrencies to its roster: Stellar (XLM) and Monero (XMR). DeVere Group has said that this is the result of public demand for access to crypto being “fuelled by digital money becoming ever more mainstream”, particularly in light of a recent confirmation from IBM that it will use stellar for its first cryptocurrency effort on a public blockchain.
The two additions take deVere Crypto’s total number of cryptocurrencies available up to seven, joining the existing offering of Bitcoin, Ethereum, Litecoin, Ripple and Dash. Users of deVere Crypto can buy, sell, store and exchange the coins all from within the app, which is expected to achieve somewhere in the region of 100,000 downloads this year.
Nigel Green, founder and CEO of deVere Group, commented: “We’ve further expanded our offering on deVere Crypto to include Stellar and Monero due to clients demanding an even more extensive crypto portfolio.
“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.”
Green later stated that he sees the growing understanding for the need for a digital, global and decentralised currency as a key driver for the current expansion of the cryptocurrency sector. He also added in recent participation of major tech firms and banking groups in crypto investment, upcoming global regulation of the sector, and a focus on blockchain’s scalability as contributing factors.
But the deVere Group are not without competition. Earlier today the UK-based commission-free stock trading app Freetrade, which has promised to launch crypto trading in the coming months, began its third crowdfunding round, as the ever popular crypto broker eToro announced it will be taking its digital currency trading to the U.S. this month.
Meanwhile in the United States, another zero-fee crypto trader Robinhood recently raised $363m in a Series D round, seeing its valuation skyrocket to $5.6bn.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.