Cryptocurrency will continue to make a big impact in the world of traditional finance. More and more companies are offering cryptocurrency-related CFDs as we speak. HYCM, a global leader in online capital markets trading, has added both XRP and Bitcoin Cash to its range of cryptocurrency offerings. It’s a major step forward for the cryptocurrency industry as a whole, although it remains to be seen whether or not this will have any long-term impact.
HYCM Adds More Cryptocurrency CFDs
It’s always good to see companies double down on their cryptocurrency-related CFD offerings. Whereas most providers grant access to Bitcoin through vehicles such as this one, it is evident there are other currencies worth paying attention to as well. HYCM has acknowledged there is a lot more to cryptocurrency than just Bitcoin, which is why they added both XRP and BCH CFDs to their list of offerings earlier this week.
Some people may wonder why the company chose those two currencies. After all, XRP is not even a traditional currency, and Bitcoin Cash is considered a “Bitcoin clone” by most Bitcoin enthusiasts. At the same time, HYCM already offers Bitcoin, Ethereum, and Litecoin CFDs, and thus they had the important currencies covered. Adding two more offerings to the list seems to make a lot of sense for the company. All of these decisions are made based on investor demand, by the look of things.
Considering that both of these currencies are currently in the top 4 in terms of market cap, it is evident HYCM wants to focus on the top currencies first and foremost. Both XRP and BCH have become significantly popular over the past few months, and it seems that situation will only improve from here on out. With its current lineup, HYCM now offers CFDs for five of the top 7 currencies ranked by market cap. The only two missing are Cardano and Stellar.
With cryptocurrencies taking the financial world by storm, it seems evident that we will see more of these CFDs in the near future. No one expected this growth to occur so quickly, and this may very well just be the beginning. With all of these currencies appreciating in value as quickly as they have, it is only normal that investors want some sort of exposure to these markets without buying the currencies directly. CFDs seem to be the way forward in this regard, as they allow for convenient access to various currencies without unnecessary friction.
HYCM’s CEO, Stavros Lambouris, commented:
There is no doubt that cryptocurrencies play a key role in forex trading as well as in the industry as a whole. We are expanding our offerings to help our clients diversify in cryptocurrencies in the same way as they do in traditional instruments. By adding Ripple and Bitcoin Cash to our platform, HYCM is making it easier and more accessible for investors seeking opportunities to capitalize on the performance of even more of the most in-demand cryptocurrencies.
HYCM is one of the oldest brokers out there when it comes to cryptocurrencies. They began offering cryptocurrency CFD trading several years ago. Moreover, the company has been involved in online FX and CFD trading for nearly 40 years. Having such an established entity pay attention to cryptocurrencies is a major feather in the cap of all supported currencies. The company wants to reinforce its position in the market, which means they will need to keep adding other cryptocurrency CFDs moving forward. It is unclear if and when that will happen.