There is a new vigour in the appeal of cryptocurrencies. Yahoo Finance supports Cryptocurrency trades in three cryptocurrencies. This is great news to the cryptocurrency fraternity given the respect Yahoo Finance commands in finance circles. The available cryptocurrencies are Bitcoin (BTC), Litecoin (LTC), and Ether (ETH).
Initially, one could find information about the digital coins and their market performance on the platform. However, the news site did not have a buy and/or sell function for the coins. As per the company, traders can now view the market data and trade at the same time.
Major boost for the blockchain technology and Cryptocurrency
The details of the development are still scarce. However, a quick check at the website reveals that one has to connect to one’s stock brokerage account. Nonetheless, the development is a big boost to the sector that is receiving bad press from all directions. Many have equated the whole cryptocurrency project to a gigantic scam that will burst on the enthusiasts. Warren Buffett thinks Bitcoin and the rest are “rat poison squared.”
It may be heartbreaking to many investors to note that service is only available to US citizens. As of now, Europe and the rest of the world will probably have to wait longer to enjoy the service.
Yahoo Finance reveals that the cryptocurrency trading options will proceed in a similar manner to stocks. The company will handle the trades through an application programming interface (API). The API, TradeIt, “links retail investors and app developers with any online financial broker.”
The US disappoints
Commentators are positive that Yahoo Finance move is a major morale booster in the United States. Many expected the US to blaze the trail in adopting the crypto. Surprisingly, leadership in the sector is coming from other countries. As recently reported, all banks in Venezuela have to adopt cryptocurrencies as directed by the President. Further, the island nation of Malta has made great strides in offering a regulatory environment for the nascent financial innovation.
However, the market is still hopeful that in future Yahoo Finance will add the other cryptocurrencies. Commentators urge that Ripple (XRP), Bitcoin Cash (BCH) and other major altcoins deserve to be on the platform. The inclusion will expedite crypto adoption.