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DeVere Group, the global wealth management firm, has added two new tokens to its crypto trading app. DeVere Crypto, as the app is called, was launched three weeks ago. The company confirmed today that it has added Ripple (XRP) and Dash (DASH) alongside the existing crypto currency offerings, Bitcoin, Ethereum and Litecoin.

Dash is ranked 10th in the world by market cap

Ripple is currently ranked third in the world in terms of total market capitalisation while Dash is ranked tenth.

“We wanted to expand our offering on deVere Crypto for two key reasons,” explained Nigel Green, group CEO at deVere. “First, all cryptocurrencies have different characteristics, strengths and values and, therefore, they’re useful in different ways for people and organisations.”

Green said that the cryptocurrencies that have been added to the app have been painstakingly analysed and evaluated by the deVere crypto research department, which is run by 10 of the world’s leading blockchain and crypto experts.

“Other companies, I believe, overlooked this essential process and that we are the only ones to be doing this level and scope of research,” said Green.

Green also said he expected that demand for an interest in cryptocurrencies is set to grow “exponentially” this year. The demand is being driven by many factors, among them better awareness and understanding of cryptocurrencies among the general public.

Scalability issues are being gradually addressed

Scalability issues are being addressed gradually, for example the speed of transaction processing and the capacity of the market to absorb trades. Financial regulatory bodies around the world are also obviously pondering a comprehensive regulatory regime for cryptocurrencies which should help to protect investors and give them more confidence in the market.

Green warned, however, that investing in cryptocurrencies has both  massive upsides and downsides, and they should always be regarded as highly speculative investments, and not a core part of an investment portfolio. He said that investors can expect cryptocurrencies to remain highly volatile in the short term.

“I would urge investors to seek professional, independent advice and to always ensure their entire portfolio is properly diversified to mitigate risks and take advantage of opportunities,” Green added.

 

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Stuart Fieldhouse

Stuart Fieldhouse has spent over 20 years in journalism and financial communications, including six years as a wealth management correspondent for the Financial Times group, covering capital markets and international private banking, and as an investment banking correspondent for Euromoney in Hong Kong.

Stuart has worked as head of content at CMC Markets, supporting the re-launch of its global financial spread betting and CFD trading platforms. He is also the author of two books on trading, published by Financial Times Pearson. Stuart continues to work with hedge funds, private banks, stock exchanges and other financial institutions on their communications, data and marketing requirements.

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