The deVere Group, well-known for its claim to be the world’s largest independent financial advisory organisation, said today that it is introducing a new, “cryptocurrency app” for its retail clients, in response to “soaring global demand” – and “in defiance of financial traditionalists”.
DeVere Crypto, as the new app is called, will be made available free of charge to clients within the next few weeks, the company said. It will be available in Apple and Android versions, and enable its users to store, transfer and exchange five major cryptocurrencies, including bitcoin and Ethereum.
It is the deVere Group’s second major fintech offering in less than 12 months. As reported, last April it launched a new “global” banking app called the deVere Vault which, DeVere Group founder and chief executive Nigel Green said at the time, would change how all international banking is conducted in the future.
Today, Green, pictured, said he saw cryptocurrencies as one of the fundamental elements of a new era of financial technology that is “already fundamentally changing the way we access, manage and use money”.
“And the changes are coming quicker than ever before, due to improving technologies and growing demand,” he added.
“Nothing has captured the imagination in this new fintech age quite like cryptocurrencies, specifically bitcoin. No-one was really talking about it [even as recently as] 2016. But those who invested in bitcoin before the beginning of last year have enjoyed an impressive price increase.
“History will teach us that 2017 was the year that digital currencies came into the mainstream.”
The deVere Crypto app was developed by a team of blockchain and fintech experts, deVere said, working out of Malta, India and the UK. It wasn’t immediately known whether the technology is unique to deVere, or being made available to other companies, including other advisory firms, by its developers.
‘Three reasons for the rise of cryptos’
According to Green, there are three major ways the world has changed that support the rise of cryptocurrencies.
The first, he says, is advances in technology that have made cryptocurrencies an obvious component.
“We are adopting more and more technology into our lives,” he says, “and the rate at which we’re doing so is increasing. It’s not just digitalisation or existing technology. From self-driving cars to intelligent robots, advanced new technologies will impact every part of our lives.
“Our financial lives will be no exception. Tech is now in our DNA.”
The second change driving the growth of cryptocurrencies is, according to Green, political shifts, which have created “a huge and growing” appetite “for currencies that are not controlled by central banks and governments”.
“Supporters believe that these digital currencies are part of the antidote to what they see as the ills caused by the traditional system.”
The third change, he says, is globalisation. “Whether some populist politicians like it or not, globalisation is happening, and it’s here to stay. We’re all becoming increasingly interdependent and internationally-minded, and this, when harnessed properly, is an immensely positive force for trade, commerce and prosperity across the world.
“Traditionalists who declare cryptocurrencies ‘a fad’ are akin to King Canute trying to command the tides of the sea to go back.”