DeVere Group To Launch Cryptocurrency App In Response To "soaring" Demand

Available on Apple and Android in a matter of weeks, the app will be called deVere Crypto and will enable users to store, transfer and exchange five major cryptocurrencies including Bitcoin and Ethereum.

Bitcoin, the largest of the cryptos, exploded in 2017 rising over 1,500% from under $1,000 at the start of the year to trade at $14,156 by the end of 2017.

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Nigel Green, founder and CEO of deVere Group, said: "Last year saw the true dawn of the financial technology era.

"Fintech 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.  

"Nothing has captured the imagination in this new fintech age quite like cryptocurrencies, specifically Bitcoin. 

He adds that the app, which was developed by blockchain and fintech experts, will "set a new standard in the thriving cryptocurrency sector".

"Our digital world needs digital currencies. It makes sense."

Green went on to say the rise of cryptocurrencies would be supported by three factors; technological advancement, political shifts and globalisation.

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"First technological advancement. We are adopting more and more technology into our lives and the rate at which we are doing so is increasing.

"It is 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.

"Second, political shifts. There is an appetite, a huge and growing one, 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.

"And third, globalisation. Whether some populist politicians like it or not, globalisation is happening and it is here to stay. 

"We are 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."

The rise of bitcoin has been met by a mixed reaction from financial institutions with JP Morgan Chase CEO Jamie Dimon stating he "regretted" his "fraud" comment on the currency.

While Wall Street bear and former director of the Office of Management for President Ronald Regan David Stockman said the cryptocurrency boom would end disastrously, a sentiment echoed by Warren Buffett.

Green continued: "Traditionalists who declare cryptocurrencies ‘a fad' are akin to King Canute trying to command the tides of the sea to go back.

"deVere Crypto is designed to meet the growing need and want to store and transfer cryptocurrencies. It is meeting the evident demand."