Wanted to get your thoughts or plans on how you’re planning to introduce cryptocurrencies to the platform. So far, it’s been rather cryptic (hehe, I’m so sorry about that). Whilst I’m not a believer of cryptocurrencies, I agree that it needs to be done right and it is potentially a Millennial’s first exposure to investing.
I can envision selecting an option to open a digital wallet on the platform and the ability of trading different cryptocurrencies. I thought Revolut’s take on crypto was a bit gimmicky because your cryptocurrencies aren’t actually held in your own digital wallet and thus cannot be transferred to other wallets (you can transfer between Revolut accounts but the crypto is held at Revolut’s ledger and is more of an accounting transfer than actual token transfer) or used for real crypto transactions (which is one of the fundamentals of owning fiat or crypto).
Also, due diligence on the cryptos available to trade. I can’t recall the statistics, but a shed load of ICOs are crap or gone belly up. Stuff like OneCoin or BitConnect are Ponzi schemes, etc. Obviously, we could use best practices from Coinbase, Kraken or Gemini.
Welcome other thoughts and ideas from the community!
PS: Doesn’t matter whether you believe in crypto or not. Having crypto on the platform is important because it increases the depth of Freetrade’s product suite and this inevitably flows down into shareholder value.