DeVere adds two new cryptocurrencies to app as market remains highly volatile
Despite almost all major cryptocurrencies ending last week in the red after another highly volatile few days, a leading independent financial services organisation today added two new tokens to its crypto trading app.
Users of deVere Crypto, the deVere Group’s app launched just three weeks ago, can now also store, transfer and exchange Ripple (XRP) and Dash (DASH), alongside the existing cryptocurrencies on the app: Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
By market cap, Bitcoin is the world’s largest, followed by Ethereum (second) and Ripple (third). Litecoin is fifth and Dash is tenth.
DeVere Group founder and CEO, Nigel 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. Also financial regulatory bodies around the world are increasingly looking to regulate cryptocurrencies, which will give investors even more protection and confidence in the market.”
Despite his belief in the “potential opportunities that cryptocurrencies can offer,” the deVere CEO offers a strong warning to investors. He stated: “Crypto has massive upsides and downsides; it should always be regarded as high speculative. We can expect the cryptocurrencies to remain highly volatile in the short-term.
“I would urge investors to seek professional, independent advice and to always ensure that their entire portfolio is properly diversified to mitigate risks and take advantage of opportunities.”
At the launch of deVere Crypto at the beginning of February, Mr Green noted: “deVere Crypto is designed to meet the growing need and want to store and transfer digital currencies in a digital age. We expect 50,000 downloads this year.” Today he suggested this number could double.