Ethereum is one of the few cryptocurrencies to gain actual traction. More specifically, its native currency Ether is of great interest to financial institutions. IG Group, a global force in the world of online trading, enabled Ether trading earlier today. This allows speculators to take a position without effectively buying Ethereum outright. It is a good way to bring more institutional investors to the Ethereum ecosystem, that much is evident.
It is always interesting to see financial trading platforms embrace cryptocurrencies. After all, the potential for greatness is there, but there are no guarantees whatsoever. IG Group is taking the plunge by launching Ether trading today. Platform users can speculate on the value of this cryptocurrency without purchasing it from an exchange. This will create a lot of future price speculation for Ethereum, that much is evident. Whether or not this is a positive development, remains to be determined.
Ethereum Trading Now Available to IG Group Users
The year 2017 has been positive for the Ethereum ecosystem. More specifically, the value of Ether has increased by quite a margin. Even though there was some negative pressure these past few weeks, the currency is rebounding successfully. Right now, one Ether is valued at $345.16, which is a 16.5% increase over the past 24 hours. Users of the IG Group platform will hope to see similar gains in the coming weeks and months. Still, it is quite intriguing to see this company introduces Ether trading. Cryptocurrency remains a very niche market for the time being.
IG Deputy head of FX and Futures Rupert Osborne states:
“As the acceptance and popularity of cryptocurrencies has grown around the world, IG has been at the forefront of giving people the opportunity to trade them. We launched Bitcoin trading for our clients three years ago and are happy to make Ethereum the second cryptocurrency to trade on the platform.”
IG Group provides both short and long positions for the Ethereum price moving forward. There is no need for users to open an Ether wallet, as they do not buy the currency directly. It appears Ethereum is less exposed to political shenanigans compared to Bitcoin and other currencies. This makes it a valuable addition to the IG Group platform. They also see the unlimited supply of Ether as a positive. The rest of the cryptocurrency community tends to disagree on this matter, though. It will be interesting to see how this decision works out for IG Group.
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