After previously stating that he expects demand for cryptocurrencies to “skyrocket” over the next 12 months, CEO of deVere Group Nigel Green has once again placed further trust in the sector despite its persistent volatility.
As of today, users of deVere Crypto can now store, transfer and exchange Ripple (XRP) and Dash (DASH) alongside Bitcoin, Litecoin and Ethereum on the app. Ripple is currently the third largest cryptocurrency in the world by market cap, behind Bitcoin and Ethereum, while Litecoin is fifth and Dash is tenth.
Green commented: “We wanted to expand our offering on deVere Crypto for two key reasons. First, all cryptocurrencies have different characteristics, strengths and values and, therefore, they’re useful in different ways for people and organisations. “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 that we are the only ones to be doing this level and scope of research. “And second, demand for and interest in cryptocurrencies is set to grow exponentially this year and beyond - and we want to meet that demand for our clients.” He continued: “This demand is being driven by many factors. These include that simply more and more people are becoming aware of and have a better understanding of cryptocurrencies. In addition, scalability issues are being improved to bolster the transaction processing capacity.
“Financial regulatory bodies around the world are increasingly looking to regulate cryptocurrencies, which will give investors even more protection and confidence in the market.”
Green has however suggested that he expects the market to continue to be extremely volatile in the short-term, so as always, investors should be wary.
The app was expected to achieve 50,000 downloads this year after its launch in February, however Green now believes this number could double.