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deVere launches cryptocurrency app expecting demand to surge in 2018

07/02/2018 News Team

Independent financial services organisation, deVere Group has launched a cryptocurrency app, as announced earlier this year

Available for Apple and Android, Crypto allows users to store, transfer and exchange currently three major cryptocurrencies, namely Bitcoin, Ethereum and LiteCoin. More cryptocurrencies will be added in the coming weeks with the firm expecting 50,000 downloads this year.

Despite the near collapse of the value of Bitcoin, which peaked at $20,000 in late December 2017 to around $8,000 at the beginning of February, chief executive Nigel Green believes that demand for cryptocurrencies “sky rocket” in the next 12 months. 

Mr Green commented: “There’s increasing scrutiny of the market by governments around the world, plus enhanced regulation. Therefore, it is perhaps unsurprising that some have questioned the timing of the official launch of deVere Crypto. However, demand for cryptocurrencies is set to sky rocket in 2018 as more people get to know about them and use them, and as the interest of governments and businesses, and more regulation, demonstrate how the market is maturing and becoming ever-more mainstream.”

He expects that while Bitcoin will remain highly volatile over the next 12 months, it could surge by 50 to 60 percent if and when it recovers. Mr Green also believes that Bitcoin will come under increasing pressure from other cryptocurrencies in 2018, as the rivals "up their game" and as the similarities and differences become better known.

However not everyone shares these predictions. Lloyds Banking Group has banned customers from using its credit cards to buy cryptocurrencies such as Bitcoin alongside US banks such as Bank of America, Citigroup and J.P. Morgan Chase. 

deVere Group has a network of more than 70 offices across the world, over 80,000 clients and $12 billion under advisement.

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