FinTech Companies and Crypto Trading
Many Fintech companies have started to add Cryptocurrency trading options to their platforms and this has helped them in growing their user base very fast, So today I am going to be showing you examples of this phenomenon by comparing the user base statistics of various fintech companies before and after they added crypto trading options.
1. Revolut
Revolut is a FinTech company that was founded in 2013 by Nikolay Storonsky and Vlad Yatsenko. It's a digital banking alternative which includes wide range f services like a pre-paid debit card, Currency exchange and also Crypto Trading.
Revolut doesn't charge any fees for it's services(For a capped usage). The mobile app can be used to trade Bitcoin(BTC), Ethereum(ETH), Litecoin(LTC), Bitcoincash(BCH) and Ripple(XRP). The only problem with trading on revolut is that the user cannot withdraw any cryptocurrency.
Before launching crypto trading the platform had a user base of 1 million and after launching crypto trading in Dec 2017 the user base increased by 1 million, Which is a 100% increase.
2. Robinhood
Robinhood is a trading platform with which users can invest in Exchange-Traded Funds(ETFs) and Public Companies that are listed on the U.S. Stock exchanges without having to pay any commission.
The company launched 0 fee crypto trading in january of 2018 and it had seen a increase in user base by 1 million, Which is a 33% increase.
3. Square Cash
The Square Cash app was developed by Square, Inc. The app is a used by people to transfer money to one another. The app had introduced a Unique username system called $cashtag and this mae it easier for users to transfer money among each other.
The app started to support Bitcoin trading in January 2018 and the userbase increased by 6 million(200% increase) from 3 million users before supporting Bitcoin trading.
4. eToro
eToro is a multi asset brokerage company that offers trading in multiple assets. The compny had introduced many new features like Copy-Trading etc. The company had released it's android app in 2010, Which enabled investors to buy and sell stocks with their mobile phones.
The company had 3 million users before introducing the Bitcoin CFD. The userbase increased by 6 million after the introduction of the CDF in 2014, This change is not fully because of the CFD introduction. The rise in numbers is also the result of many other new features that the company had introduced during that time.
The introduction of crypto trading options have played a significant role in increasing the user base of the platforms that were mentioned above as most of the people who don't have much experience in crypto had started to use these platforms as they are more beginner friendly and the people who only traded in the traditional markets also joined in.
This was it for today so please smash that upvote button...
Posted from my blog with SteemPress : http://warrior-sage.vornix.blog/2018/09/16/platform-analysis/
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Slowly but surely we are seeing more fintech companies realise the potential of offering crypto-based services. I am sure this number will increase significantly in the future.
It will, more and more trading platforms are adding crypto trading now and stock traders are now interested in crypto just because of the rate of returns that it gives compared to stocks and other financial assets.
This is just the beginning...
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