Last year, digital currencies rapidly gained prominence. Since then, the cryptocurrency market has fallen significantly, as a Bitcoin was trading just over USD 3,000 in mid-December. However, research suggests that cryptocurrency will still have a use despite the meteoric fall. According to data compiled by Transparency Market Research, the global cryptocurrency market was valued at USD 574.3 Million in 2017 and is projected to grow to USD 6.70 Billion by 2025. Additionally, the market is projected to grow at a CAGR of 31.3% during the forecast period. Digital currencies like Bitcoin, Litecoin, Ripple and Ethereum are still prominent in the market and these cryptocurrencies will regain popularity as the blockchain technology will leverage them to create new, innovative products. Eventually, cryptocurrencies will lead to the growth of the financial industry around the globe. Netcoins Holdings Inc. (OTC: GARLF), Overstock.com, Inc. (NASDAQ: OSTK), Nokia Corporation (NYSE: NOK), Gain Capital Holdings, Inc. (NYSE: GCAP), Ideanomics, Inc. (NASDAQ: IDEX)
While some cryptocurrencies are primarily used in a technology-based application, most are simply being used as a form of currency. Currently, there is an increasing demand for more secure and faster processing times for transactions. Cryptocurrencies are being adopted due to their transparency and persistence of the low ownership cost and technology in its distributed ledger. The technological makeup offers a much more secure transaction, helping prevent against fraud or theft.
“They are very different but they are still an asset class of their own and in that sense they’re going to persist,” says Aleh Tsyvinski, Professor of Economics at Yale University and author of a study titled ‘Risks and Returns of Cryptocurrency’. “So, my prediction based on my research is that cryptocurrency is going transform, and is going to fulfil some kind of need which is different from traditional asset classes – stocks, commodities, and currencies.”
Netcoins Holdings Inc. (OTC: GARLF) is listed on the Canadian Securities Exchange under the ticker (CSE: NETC). Earlier today, the Company announced breaking news that, “it has signed a definitive agreement with BitGo Trust Company as custodian for its Netcoins-branded custody solution. Following a software integration phase, Netcoins expects to launch Netcoins Custody in Q1 2019.
Custody is a key component of a full service crypto company and brokerage, and Netcoins has chosen BitGo, the market leader in institutional cryptocurrency financial services, to provide the back end technology and infrastructure required to launch Netcoins Custody.
BitGo provides institutional investors with security, compliance, and custodial solutions for blockchain-based currencies. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global bitcoin transactions, and $15 billion per month across all cryptocurrencies. The company has a customer base that includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. BitGo is backed by Craft Ventures, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.
“Netcoins wanted the most secure and compliant custodianship and, after evaluating several options, they chose BitGo Trust Company,” said Josh Schwartz, VP of Sales, BitGo. “We’re excited to be working with Netcoins to expand access to digital assets.”
“We are thrilled to be bringing institutional level crypto custody to the market in Canada with BitGo Trust Company, the first qualified custodian purpose-built for digital assets,” said Netcoins CEO Mark Binns. “Custody is a key component to institutional adoption, and also critical for enabling traditional brokerage houses to sell crypto to their retail investors. We continue to build a full service crypto company, and this is another big step forward for Netcoins.”