The impact of blockchain within the financial services industry could be significantly delayed by the damaging PR currently associated with cryptocurrencies, new research suggests.

Insight gathered in a report by international law firm Gowling WLG reveals that financial services experts are fearful that if the negative headlines surrounding the likes of Bitcoin impacts industry opinion about blockchain software, it will perpetuate the common confusion between the two.

The report, entitled 'The ultimate disruptor – how blockchain is transforming financial services', states that an estimated US$2.1 billion will be spent on blockchain solutions[1] during 2018 and, by 2021, levels are expected to reach US$9.2 billion. In order for the system to reach these levels of growth and its benefits to be realised, it's essential for businesses to understand the capabilities of blockchain and other distributed ledger technology (DLT) beyond Bitcoin.

Dean Elwood, CEO of blockchain company Umony and contributor to the report, said: “Bitcoin is creating so much noise, much of it negative, that the genuinely useful and practical side of blockchain is getting buried. I think there is a real pressure on the industry and people like me, to make sure that everyone really understands the difference between blockchain and cryptocurrencies like Bitcoin."

The report features insight from specialists including NEX Exchange, Blockchain Hub, BTL Group and AgriLedger.

Many of the contributors believe that the development of blockchain technology will happen much faster if the industry collaborates and regulators are involved in the development process. This is because the very nature of DLT revolves around sharing information, not only internally, but also with customers and, in many cases, with competitors.

David Brennan, partner and co-chair of Gowling WLG's global tech team, said: "The business community has been quick to grasp the numerous opportunities blockchain solutions afford, but the key challenge will be communicating its significance to both the public and policymakers. Collaboration between governments and the private sector is key in order to facilitate widespread acceptance and adoption of the technology."

The firm's research also suggests that the appropriate industry regulators need to catch-up with the technological developments within blockchain and DLT, yet the majority of those interviewed do not believe that the technology itself requires regulation.

Andrew Gardiner, founder and CEO of Property Moose, said: "Cryptocurrencies need regulating, absolutely, 100%. But you can't regulate blockchain itself. It's just a piece of tech. For example, do you regulate Microsoft Word or Google for emails? They all have to be ISO compliant, so you’ll have industry standards, but these are not regulation.”

For a full overview of the research conducted with financial services experts, including insight on who will be affected by blockchain, the opportunities and threats facing the technology and the level of investment now going into blockchain development, see Gowling WLG's white paper 'The ultimate disruptor – how blockchain is transforming financial services'.

(Source: Gowling WLG)

[1] 1 Worldwide Semiannual Blockchain Spending Guide, International Data Corporation, 2018.

The Financial Conduct Authority (FCA) cryptocurrency review will be one of the most impactful regulatory reviews in modern times and will shape the burgeoning crypto market for years to come. The UK regulator’s proactive and cautious approach must be welcomed.

This observation from Nigel Green, founder and chief executive of deVere Group, comes as the UK’s financial services and markets regulator has confirmed it will publish its review of cryptocurrencies in the third quarter this year.

Mr Green, whose firm launched deVere Crypto, a cryptocurrency exchange app earlier this year, comments: “The highly anticipated FCA cryptocurrency review is set to be one of the most impactful and far-reaching regulatory reviews in modern times for two key reasons.

“First, because of the sheer numbers of people it will directly affect.  There’s been incredible growth of the cryptocurrency market in recent years. This growth can be expected to soar further and quicker over the next decade as more and more investors pile into the likes of Bitcoin, Ethereum, Ripple, Litecoin and Dash, and as adoption by businesses and organisations further increases.

“And second, because the FCA is one of the world’s most influential and respected financial regulators.  As such, it can be expected to help shape and define the thinking and policies of regulators globally, the majority of which in the major economies are now also carefully looking at the crypto space.”

He continues: “In our increasingly tech-driven, digital age, cryptocurrencies are here to stay; they simply can no longer be ignored.

“Therefore, the FCA’s proactive approach towards the crypto market must be welcomed as it will help protect investors and tackle illicit activity and unscrupulous firms.

“I expect the regulator to issue warnings and this caution should also be championed as these digital assets remain highly speculative and the market relatively new.”

In its business plan for the financial year ahead, the FCA said the review was part of a taskforce with the Treasury and The Bank of England.

The watchdog noted that cryptocurrencies themselves do not fall within its regulatory remit, but "some models of use or packaging cryptocurrencies bring them within our perimeter, making the landscape complex".

The deVere CEO concludes: “The FCA cryptocurrency review will fundamentally shape this market that now, thanks to its exponential growth, needs a robust regulatory framework.

“It is right that firms operating within the crypto sector should comply with applicable FCA rules and expect to come under the regulator’s scrutiny.”

(Source: deVere Group)

finder.com has released its monthly Cryptocurrency Predictions Survey, on how the top 10 cryptocurrencies by market cap and two trending coins will perform in 2018.

Out of the 12 coins, finder.com’s nine panellists predict that Cardano (ADA) will experience the greatest percentage growth by 1 June, 2018, at 40%. ADA’s price was $0.272 (£0.20) per unit on 26 April 2018, and is forecast to reach $0.383 (£0.282) by June 1. It’s also expected to see the greatest percentage growth by the year’s end, of 597% to $1.90 (£1.39).

Bitcoin Cash (BCH) is the coin that’s expected to see the second-greatest increase in growth by 31 December 2018, at 174%, followed by Bitcoin (BTC) at 163%.

Ripple (XRP) is the only coin predicted to decrease in value by the end of the year, going down 15% to a price per unit of $0.688 (£0.506). By 1 June 2018, EOS (EOS) is the only coin forecast to decrease from its current price, dropping 11%, although is expected to bounce back up by 106% by end of year.

Comparing the forecast market capitalisations* for bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH) – the only three of the 12 coins with reported number of coins available –  Bitcoin Cash (BCH) is predicted to see the highest growth by the end of the year (181%). This is only slightly above bitcoin (BTC) with a 170% forecast increase.

Jon Ostler, UK CEO at finder.com said, “While billionaire Warren Buffett's comments may have temporarily caused a sharp drop in the value of Bitcoin, overall the cryptocurrency market continues to trend upwards following last months’ bear market. Bitcoin has already started to recover while Ripple (XRP) has secured numerous partnerships with financial institutions. However, our panellists make the distinction between the Ripple technology and the coin – they’re not as optimistic about the coin itself, with an average forecast of a 15% drop in price by end of year.

“The prediction for EOS (EOS) is also interesting, as it shows the panellists’ confidence that the expected main net launch in June will boost the coin by the end of the year, despite seeing an 11% decrease in price by 1 June 2018.

“Despite Buffett’s remarks, cryptocurrency is growing in popularity as its acceptance and investment by major global banks such as Goldman Sachs becomes more mainstream. Before investing in any new currency it’s important to remember that the market is still volatile and many of the laws surrounding cryptocurrency are still in flux. When looking to invest make sure you consult a professional advisor and have a cryptocurrency plan in place before starting to trade or exchange.”

(Source: finder)

Warren Buffett’s comments on cryptocurrencies highlight how he needs to be educated on the future of money, affirms the boss of the deVere Group.

The observation from deVere Group founder and CEO, Nigel Green, follows Mr Buffett’s address to an audience gathered for the Berkshire Hathaway annual meeting.

Mr Buffett opined: “Cryptocurrencies will come to a bad ending.”

However, as he spoke, Bitcoin, the largest cryptocurrency, had added $2,563.48 to its value in the last month, marking a price hike of 37.9 per cent.

Mr Green comments: “It comes as little surprise that Mr Buffett and his 94-year-old business partner, Charlie Munger, criticized cryptocurrencies at their annual meeting. They have done so consistently.

“But what I do find monumentally baffling is that two of the world’s most successful investors cannot see the intrinsic value of some form of cryptocurrency.

“Do they honestly believe that there is no place for, and no value of, digital, global currencies in an increasingly digitalized and globalized world?

“Do they not see many of the world’s major tech companies, established banking groups and household name investors investing in, using and/or beginning to adopt cryptocurrencies?

“Do they not see governments, central banks and financial regulators recognizing the need for regulatory frameworks because cryptocurrencies are becoming so mainstream?”

He continues: “One of the world’s greatest investors, Warren Buffett is a hero.

“However, he admits he does not understand cryptocurrencies.   He once told CNBC,‘I get into enough trouble with the things I think I know something about. Why in the world should I take a long or short position in something I don’t know about?’

“I believe his recent comments on cryptocurrencies illustrate his lack of understanding in this area and how he perhaps needs to be educated on what is likely to be the future of money.”

The deVere CEO concludes: “Financial traditionalists, like Mr Buffett and others, appear to exclusively believe in and be motivated by the old, centralized system of money.

“I would suggest that they need to also be open to a new, decentralized, digital, global currency.

“Whether they like it or not, the world has profoundly changed and moved on in recent years. It can’t, and won’t, go backwards.”

(Source: deVere Group)

CoinMetro is a cryptocurrency exchange that aims to make buying and selling cryptocurrency as easy as purchasing pounds, dollars and euros.

Offering a complete and supportive financial platform, CoinMetro provides an avenue for both newcomers, as well as professional and experienced currency traders to begin trading in cryptocurrency. Through a tokenized ecosystem, the trading platform supports familiar investment options such as professional asset management and ETFs, and also allows users to invest in up-and-coming Initial Coin Offerings (ICOs).

The team behind the business has years of experience in the forex industry, with CoinMetro’s sister company FXPIG. Drawing on their substantial experience developing technology for financial trading and understanding of the liquidity needs of currency markets, CoinMetro is uniquely positioned to support and understand the needs of the growing cryptocurrency space, as well as support the trading needs of investors wanting to add crypto to a diverse portfolio of new and traditional securities. To discuss all things forex and crypto, we caught up with the CEO of the company Kevin Murcko.

As a long-standing expert in forex and crypto, what would you say are the reasons behind, and the impact of Bitcoin’s price volatility?

With a relatively small circulation of coins, prices of cryptocurrencies are often affected by the actions of ‘whales’ – early investors with large stakes in specific markets. News is also a force to be reckoned with. News of countries enforcing bans of course plays out bearishly in the markets, while news of government endorsement predictably sends prices upward. Lack of regulation has also contributed to instability.

The impact of volatility has been twofold. On the one hand, rapid price fluctuations have made the space a profitable one for eagle-eyed traders. In order for anyone to make money in financial markets, there must be price movement, and the crypto markets have offered traders exactly that.

On the other hand, with a larger price bracket, comes larger levels of risk: sizeable gains on one day can be all but wiped out in the following day of trading.

Of course, a currency should ideally hold its value and be a reasonably reliable store of wealth. In this sense, extreme volatility has also tarnished the reputation of cryptocurrency as a traditional currency, and resultantly, countries are increasingly choosing to regulate crypto as an asset.

But it’s important to note that while cryptocurrencies have been volatile assets in the past, this doesn’t mean that this will always be the case in the future. In fact, some cryptocurrency developers are taking active measures to limit volatility by, for example, pegging the price of their token to that of the US dollar.

Can you tell us a bit about the history of forex regulations?  How have they affected the marketplace?

The history of FX regulation really depends on which country you’re looking at. All countries have their own independent regulatory bodies, and are typically subject to different rules.

China, for example, was late to enter the foreign exchange market and late to impose regulations. As recently as August 2016, Chinese authorities found 192 illegal banks conducting shady forex transactions valued at $30 billion. The State Administration of Foreign Exchange (SAFE) also found instances of companies evading regulations by using false information, transferring illegal assets, and evidence of money laundering via forex trading schemes.

Globally, of course, there are regulations with global ramifications. MIFID II, for instance, has caused an upheaval in FX markets this year.

The net effect of all this regulation has been to achieve what I suppose is the goal of all regulation: it’s helped the FX markets to thrive and maintained financial stability.

What can be learnt from the introduction of regulations in the forex industry?

By reflecting on how the forex industry has been shaped by regulation over the last 20 years, we can get a rough idea of how everything might play out for a decentralised international cryptocurrency marketplace.

Before Bitcoin and alternative cryptocurrencies were established in the late 2000s, the forex industry was facing radical change as the internet opened up the market to the public. New retail brokers started to appear alongside the traditional banks, providing new services and competition. As forex trading made the move online, there was an element of the ‘wild west’ culture that has also characterised the early stages of cryptocurrency. As both markets have experienced a similar introduction to the trading space, the future development of regulations for cryptocurrencies will mirror that of forex trading 10 years ago.

The current conditions in FX enforce businesses to jump through a variety of hoops - such as meeting minimum capital requirements, establishing audit requirements, and adhering to reporting and bookkeeping - before becoming a licensed forex broker. Thanks to this detailed process, regulators are able to weed out fraudulent brokers before they get to market. We expect equivalent hoops to be introduced into the cryptocurrency space. This is all likely to happen quickly, given that cryptocurrencies are now very much a mainstream financial asset.

Like the historic forex market, there’s a certain pull and push in the crypto world between the need for overt regulation and control, versus a laissez-faire approach in which a free market is allowed to regulate itself. In the case of crypto, I expect the regulated approach will win out.

Why does the crypto community need to adopt wider regulation and become part of the regulatory process?

Regulation, if done correctly, legitimises the cryptocurrency market by removing that ‘wild west’ element to it – the very same which once characterised the forex markets.

Regulation brings stability to a market often regarded as excessively volatile, and protects investors from criminal activity; given just how many fraudulent Initial Coin Offerings, cryptocurrency hacks, and fraudulent exchanges are about, this is long overdue.

Why does the crypto community need to be part of this process? For the simple reason that, if left in the hands of potentially misguided legislators, regulation could undermine the growth of this booming part of the financial services sector.

We’ve seen just how awry crypto regulation can get. Chinese policy for example, has achieved little other than to quash innovation and growth, and has simply driven cryptocurrency activities abroad.

What do you think the rest of 2018 holds for forex and crypto?

We have a rough idea of what this year holds for crypto, following on from the recent G20 meeting of finance ministers in Buenos Aires. Member nations have agreed that cryptocurrencies needed to be examined, but that more information is needed before any regulations could be proposed. While there will be further details on this in July, we do have some signs about what recommendations will be announced. Expect

- A bilateral approach to regulation, as Christine Lagarde has recommended on numerous occasions this year;

- Crypto to be treated as an asset, and not as a currency, as various financial regulators have hinted at throughout the year;

- Crypto regulation to ultimately consist of a mixture of existing rules and new rules.

Forex is more difficult to pin down at the moment, with US protectionism on the rise and the prospect of a trade war. This year, the Euro looks bearish, with the dollar’s value as the reserve currency of choice diminishing in step with uncertainty over US trade policy. Whether this will persist to the end of the year remains to be seen.

Website: www.coinmetro.com

With the growing expansion of cryptocurrencies and cryptomarkets, the prospects of regulation are on the horizon. But how will the economy of crypto change in turn? Finance Monthly gains top insight from expert David Sapper, COO at Blockbid.

In recent days, Ripple – one of the world’s biggest cryptocurrencies – has urged UK regulators to take control of the crypto market in the same way Japan have, to put an end to ‘wild west’ days of crypto regulation.

Ripple, amongst many others, are calling for more control in the space to ensure risks are minimized for consumers, whilst still allowing the asset class to innovate and grow.

There is little doubt that such calls will be answered – and that increased control will be introduced in the very near future. Just last month, Chancellor Philip Hammond announced a new taskforce, whose specific role was to safeguard crypto consumers. Whilst even more recently, the FCA announced that they will publish a review in to cryptocurrencies later this year which will ‘outline policy thinking on cryptocurrencies.’

Japan has, as of yet, been at the forefront of crypto regulation – and so provides a good indication of how we can expect it to play out in the UK. There are 3.5M crypto traders active in the country, and $97BN of Bitcoin was traded in 2017 alone¹. Part of the reason regulation is so active and advanced in the country is a $500M crypto theft that took place early in 2018. This sparked a selection of sixteen cryptocurrency exchanges to form a self-regulatory organization to work towards developing standards for activities around ICOs.

The re-occurring issue with heightened regulation is the potential for suffocating innovation. ICOs and alt tokens have created a fresh and straight-forward means of raising capital for budding entrepreneurs to use when building their business ideas. Therefore, it is important that regulators practice walking the line between protecting consumers and potential investors, whilst not stifling innovative and creative prospects.

For example, a country that looks to be walking said line with good success is Australia. Already there have been very direct and positive moves with regards to crypto regulation in the country, some of which are already in place. All whilst managing not to stifle or suffocate the innovators at the centre. The biggest move so far is the introduction of the need to register with AUSTRAC before being allowed to function as a crypto exchange, something we at Blockbid successfully did earlier this month. Australia were also second only to Japan in accepting Bitcoin and other cryptocurrencies as legal tender.?

ICOs specifically require their own set of rules and guidelines. They are heavily regulated in the US and banned completely in China. Australia have set guidelines that depend on whether tokens are utility or security based. These guidelines are fairly strong, but allow companies to decide for themselves on which to go down, depending on the type of tokens they have produced.

Such an array of regulatory introductions are likely to have a real impact on companies working within the crypto-space, particularly for those that have been in action from the start, who will have to contend with rules that weren’t in place when they were starting out. However, for the most part responses from companies have been positive as the one thing everyone agrees on, is the protection of consumers is essential.

Precise details of how everything will work out remain unclear and will be revealed in time. Whilst the affects of regulation may appear as hurdles for those working in the crypto space, improved regulation will increase trust and engagement in crypto as a result. Therefore improved regulation is a step in the right direction not only for investors – but the companies behind cryptos as well.

¹https://www.ccn.com/japan-leads-the-way-on-crypto-as-trading-soars/

Ripple can be expected to “convert the remaining crypto-cynics,” affirms the boss of one of the world’s largest independent financial services organisations.

The prediction from Nigel Green, the founder and CEO of deVere Group, comes as Ripple (XRP) experienced a spike last week, adding another $62bn to its market value.  The cryptocurrency also broke some key resistance, such as $0.6500 and $0.6600, nudging it towards the important $0.7000 level against the US dollar.

Mr Green, whose firm launched the pioneering crypto exchange app, deVere Crypto, says: “After the cryptocurrency market somewhat overheated at the end of 2017 – thanks largely to investors piling in, pushing Bitcoin to an all-time high of more than $19,000 – there was a major, natural price correction in the first quarter of this year of most of the major cryptocurrencies.

“But the cryptocurrency market is, once again, now looking already significantly more bullish than it did in Quarter 1.”

He continues: “This latest upward crypto market trajectory can be attributed to the fact that institutional and retail investors are increasingly appreciating the fundamentals, such as the need and demand for digital currencies in a digitalised, tech-driven age.

“Also there is now huge awareness that blockchain, the technology that underpins the likes of Bitcoin and Ripple, is likely to be the world’s next major disruptive technology.”

Mr Green goes on to assert: “Cryptocurrencies are now really coming into the mainstream. But there are still some critics of the crypto revolution.  However, I believe that Ripple (XRP) can be expected to convert the remaining crypto cynics.

“This is primarily due to Ripple’s apparent emphasis on integrating with banks and other financial institutions.

“For instance, banking giant Santander has recently launched a foreign exchange service that uses blockchain technology developed by Ripple to make same-day international money transfers.  It is also reported to be in talks with other major global banks and money transfer groups to develop similar products.”

He adds: “However, cryptocurrencies remain highly determined by market sentiment, and caution must be exercised, and professional advice should be sought.”

The deVere CEO concludes: “By focusing its development strategy in this way, Ripple is likely to help change the perception of crypto, expand its own value, and co-lead the ongoing shift in the way the world uses, manages, accesses, stores and exchanges money.”

(Source: Prior Consultancy)

Investors in the Assetz Capital platform are yet to be convinced by cryptocurrencies, with just 16% seeing them as worthwhile investments.

The peer-to-peer lending platform canvassed the views of its investors in the Q1 Assetz Capital Investor Barometer. 43% believe the entire market is on the brink of collapse, while 40% feel cryptocurrencies are still too immature at present with significant risks attached. 14% feel it is a worthwhile investment but only in moderation, with just 2% thinking it is the future of investments.

This follows a period of volatile price swings in the cryptocurrency market, which in February saw the value of Bitcoin hitting lower than $7,000, compared to almost triple that amount in December 2017.

Another blow to the market came in February when a number of banks banned their customers from purchasing cryptocurrency with credit cards, and Bank of England Governor, Mark Carney, claiming that Bitcoin has failed as a currency.

Stuart Law, CEO at Assetz Capital said: “The rise in cryptocurrency over the past 12 months has been driven by consumers’ search for fairer returns on their investments. Traditional banking has failed to deliver in this sense over the last decade, so as technology makes alternative investments more accessible, it is obvious that investors would look elsewhere.

“However, there’s clearly still a great deal of uncertainty amongst smart investors when it comes to cryptocurrency – the market is still in its unpredictable infancy, so the risk and wild daily swings in value of cryptocurrencies is proving too much for many.”

(Source: www.assetzcapital.co.uk)

Price comparison site finder.com has released its monthly Cryptocurrency Predictions Survey on how the top 10 Cryptocurrencies by market cap and three trending coins will perform in 2018.

Out of the 13 coins, finder.com’s 13 panellists predict that Dogecoin (DOGE) will experience the greatest percentage growth by December 31, 2018 (5,838 percent). DOGE was sitting at $0.003 (£0.0021) per unit on March 27, 2018, and is forecast to reach $0.1938 (£0.14) by the end of the year.

Cardano (ADA) is expected to have the second greatest increase in growth by the end of the year (812 percent), followed by Ripple (XRP) (526 percent).

Despite this growth, Bitcoin (BTC) is still expected to reign as the highest value per unit, predicted to hit $9,100 (£6,464) by May 1, 2018, and reaching $21,485 (£15,261) by December 31, 2018.

Although presently a bearish market, April is the second consecutive month that panellists have predicted no drops in value for these coins by the end of 2018, signalling optimism for future growth.

Comparing the forecast market capitalizations for Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH) – the only three of the 13 coins with reported number of coins available –  Ethereum (ETH) is predicted to see the highest growth by the end of the year (234 percent). This was more than double that of Bitcoin (BTC) with a 114 percent forecast increase, and Bitcoin Cash (BCH) at 40 percent.

The 13 panellists in the April Cryptocurrency Predictions Report include:

• Alisa Gus: CEO of WishKnish, a blockchain gamified social market network aimed at helping communities grow, and founding member of the DC Digital Economy Hub
• Clayton Daniel: former tax accountant and financial advisor, author of #1 Amazon Bestseller ‘Fund Your Ideal Lifestyle’, and founder of Sprout Superannuation
• Frank Schuil: CEO and co-founder of Bitcoin-trading platform Safello. Senior adviser for businesses and associations, including CG Blockchain, Rhino Ventures and BitAngels
• Fred Schebesta: Co-founder of global comparison site finder.com, including Crypto Finder. Award-winning entrepreneur, author, mentor, and a global keynote speaker
• Jen Greyson: CEO of Powered by Neureal℠, intellectual property specialist, and named one of the Top 8 Women in Crypto
• Jörg Molt: CEO and Blockchain Specialist of the Satoshi School 1–10 Mitglieder in Bavaria, Germany
• Joseph Raczynski: Technologist, futurist, Joetechnologist.com and Reuters, technology consultant and manager specialising in Blockchain technology
• Kohei Kurihara: President of the Government Blockchain Association Tokyo Chapter. Co-founder and CMO of Collabogate, aimed at bringing people into the Crypto market faster
• Kunal Patel: Business mentor for Startupbootcamp FinTech and SuperCharger Fintech Accelerator. On the advisory panel for YES BANK
• Kyle Wang: head of business development at Hub Token, advisor and consultant to ICOs and blockchain-enabled startups
• Samson Williams: partner of Axes and Eggs, a blockchain and Cryptocurrency mining consultancy, and the CSO for Ireland-based fintech firm, SeedUps
• Sergei Logvin: Co-founder of Rocket ICO, the world’s first decentralised accelerator based on the DAO concept, advisor to Opporty.com, Project Districts, TravelChain and LibertyLance
• Tim Lea: published author and regular speaker on blockchain, the CEO of REFFIND and the director of Veredictum

The full details of the survey, complete with comments from the panellists, can be found here: https://www.finder.com/uk/cryptocurrency-predictions

Jon Ostler, UK CEO at finder.com said, “While the downward trend has continued over the past month for many coins, our panel remains bullish in a presently bearish market, signalling optimism for future growth. This is the second consecutive month where panellists are expecting no drop in value for any of the included coins by the end of 2018. While Dogecoin (DOGE), Cardano (ADA), Ripple (XRP), Ethereum (ETH) and Stellar Lumens (XLM) are expected to see greater percentage growth than Bitcoin (BTC) this year, BTC is still forecast by our panel to reach the highest value of the 13 coins, at $21,485 (£15,261) by December 31. Before considering purchasing Cryptocurrency, it’s crucial to understand that the market is incredibly volatile and will continue to represent high risk. It’s important to do your research, seek professional advice and compare your options before taking the leap into the market.”

(Source: Rooster)

Lendingblock, the first cross-blockchain securities lending platform for cryptocurrency, has released research into attitudes towards cryptocurrencies, which reveals that most people believe cryptocurrency is here to stay. Despite the pervasive narrative of the indeterminate future of cryptocurrencies, the survey of 2,000 people through personal data and insights platform CitizenMe found that more than one in five (21%) of respondents already own or have previously owned cryptocurrency. Furthermore, the majority (55%) believe cryptocurrencies will be widely accepted in shops and even on the bus by 2025.

According to the survey, the majority of people would use cryptocurrency, and are positive about its future. While only 20% could say for sure that they think they are a good investment, 56% said they would be tempted to buy them in future - a contradiction that suggests that there is an appetite if the risk was reduced. When asked what would make them more likely to buy cryptocurrencies, better security ranked highest (32%), followed by better apps for buying and selling (28%), and government backing (23%).

Steve Swain, Co-Founder and CEO of Lendingblock said: “In spite of much discussed uncertainty about cryptocurrency, the public is sure that cryptocurrency is here to stay. Cryptocurrency is a maturing market, and this is exactly what we would expect to see happening at this time as we move from early-adopters to more mainstream awareness and use.

“Before we get there, however, cryptocurrency need to be made safe, and that’s why we welcome the UK Government’s recent recently announced inquiry into investments. What’s interesting, is that this survey shows that the public and the market are aligned in what they think the cryptocurrency market needs next: which is more security, infrastructure and better tools. This is undoubtedly the next step of evolution for the market.”

Other key findings of the research include:

• A considerable gender divide, as nearly 30% of men surveyed currently or have previously owned a cryptocurrency, as opposed to just 13% of women
• A remarkably close alignment between those who identify as “millennials” and those who identify as “household decision makers” in terms of cryptocurrency ownership (22% vs 19%), whether they’d be tempted to buy cryptocurrencies in the future (56% vs 55%) and whether cryptocurrencies will be widely accepted by 2025 (56% vs 55%). In fact, more millennials think that cryptocurrencies will be a passing fad than household decision makers (19% vs 17%)
• Only 10% of people said they would never buy cryptocurrencies, no matter what

“These demographic breakdowns give an interesting insight into where cryptocurrencies have taken hold first,” said Linda Wang, co-founder and COO of Lendingblock. “While you might have guessed it would be millennials, in fact cryptocurrency is an incredibly serious and potentially lucrative market that is getting considerable interest from financial services, which is what is reflected here.

“The gender balance within cryptocurrencies is something I personally care a great deal about, and we at Lendingblock have been working hard to further inclusivity. However, I think there is great potential in cryptocurrency because - unlike traditional financial services - there are no barriers to entry. The “old boy’s club” on the trading floor does not exist in cryptocurrency, you can invest from your home and this has massive potential to open up the market to new entrants.”

(Source: Fieldhouse Associates)

Six out of 10 people with currently no exposure to cryptocurrencies would consider including cryptocurrencies like Bitcoin into their investment portfolios, reveals a new global poll.

Meanwhile, seven out of 10 people who do hold cryptocurrencies are planning to increase their exposure in the next 12 months.

In the survey carried out by deVere Group, 62% of those who do not have any cryptocurrency said ‘yes’, 26% ‘no’, and 12% ‘do not know’ when asked: “Would you consider, or are you considering, including at least one cryptocurrency into your investment portfolio?”

71% of investors who do currently have cryptocurrencies as part of their portfolio said that they are looking to increase this exposure over the next year, 25% said that they would not, and 4% cited that they did not know.

The 800-plus respondents of this poll are deVere clients who currently reside in the US, the UK, Australia, the UAE, Qatar, Switzerland, Hong Kong, Spain, France, Germany and South Africa.

Of the survey, deVere Group’s founder and CEO, Nigel Green, comments: “The fact that more than 60% of people with currently no exposure to cryptocurrencies would consider including them into their investment portfolios is striking.

“It underscores how, despite what many financial traditionalists have opined, that a majority of investors are now open to consider the opportunities that the likes of Bitcoin, Ethereum and Ripple could present.

“An increasing general awareness of cryptocurrencies and how they work, plus a growing sense that cryptocurrency regulation is now inevitable, are perhaps the main reasons why such a high percentage of people are now open to looking at the possibilities of crypto for their portfolios.”

He continues: “The survey also highlights that the majority of those who do currently hold some cryptocurrency as part of their investment portfolio believe that despite ongoing volatility, the potential rewards will outweigh the potential risks.

“It suggests that these investors expect good returns in 2018 from cryptocurrencies, view them as a good longer-term investment, and that the market will eventually stabilise.”

The deVere CEO concludes: “Cryptocurrencies remain a gamble – they are very much ‘unchartered waters’ assets and caution must be exercised.  However, that said, I do believe that in today’s digital world, there is a need for digital currencies.  One or two of the existing ones will succeed, whether it’s Bitcoin, Ethereum, Ripple, Litecoin, Dash, or any of the others, or not, of course remains to be seen.”

(Source: deVere Group)

The majority (80%) of organisations have expressed interest in using cryptocurrencies - such as bitcoin - for business transactions, despite widespread fears of being compromised by associated DDoS attacks, according to new research from the Neustar International Security Council (NISC).

While 48% highlighted alternative forms of currency as a way to generate income through potential increased value, 26% of businesses also pointed out the heightened risk of currencies being used as an alternate form of ransom.

This ongoing fear has encouraged the majority of organisations to focus heavily on increasing their ability to respond to DDoS (41%), ransomware (40%) and targeted hacking (39%).

This new data has been revealed as part of a bi-monthly research series from the NISC, which has polled 255 IT security CTOs, VPs, senior directors, business managers and other professionals with a security remit across Europe.

The NISC research findings have also been used to calculate a unique Cyber Benchmark Index, which measures the level of concern in the NISC community of security professionals about the current international cybersecurity landscape. Based on the latest set of data, the index figure has reached 10.5, a considerable increase from the 6.5 rating in May last year, and 0.4 points higher than the last report in November.

From November to December, DDoS was seen to be the greatest concern to businesses at 22%, with financial and ransomware following close behind. However, ransomware was most likely to be perceived as an increasing threat to organisations, with 45% listing it as their greatest concern moving forward.

Rodney Joffe, Head of NISC and Neustar Senior Vice President and Fellow, commented on the findings: “Ransomware and DDoS attacks continue to be seen as the leading threat to companies due to the sheer volume, complexity and potential severity of an attack. That said, not too far behind as the second greatest concern to businesses moving forward is financial threat,” he said.

“Armed with plenty of tools, such as compromised IoT devices, it’s likely that we’ll see hackers make use of ransomware and DDoS attacks to cause major distractions. At the same time, we’ll likely see them put a focus on stealing large amounts of financial data, which may include traditional currencies, or the increasingly popular cryptocurrencies - such as Bitcoin. By developing a more cohesive security strategy, organisations can hone in on their most vulnerable data, processes and models, protecting their critical information in the short and long term.”

Participants also noted that - due to the quickly evolving cyber-threat landscape - increasing their ability to respond to DDoS, ransomware and targeted hacking was a main priority, with 9 out of 10 (90%) agreeing that a WAF (Web App Firewall) was an essential component of their company’s security infrastructure, a figure that increased the survey average by a significant margin.

(Source: Neustar International Security Council)