HYCM Broker Launches Ripple and Bitcoin Cash CFDs

HYCM has added XRP/USD and BCH/USD Contracts For Difference to the range of already available for trading cryptocurrency offerings
23 January 2018   1385

HYCM (Henyep Capital Markets), a popular licensed and regulated Forex broker, has announced the launch of Ripple and Bitcoin Cash cryptocurrency CFDs, which are financial derivatives that allow traders to take advantage of prices moving up or prices moving down on underlying financial instruments. 

HYCM added Ripple and Bitcoin Cash to already existing cryptocurrency offerings, such as Bitcoin, Litecoin and Ethereum following the increasing demand from investors in the wake of cryptocurrency popularity.

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 capitalise on the performance of even more of the most in-demand cryptocurrencies.
 

Stavros Lambouris

HYCM, CEO

HYCM is considered one of the first brokers to launch cryptocurrency CFD trading, and the latest cryptocurrency CFDs additions to HYCM offerings is likely to make the company one of the industry’s leading brokers.

HYCM forex standart marketsHYCM Forex Standart Markets

At the moment of press, these are the main parameters of Ripple and Bitcoin Cash:

XRP. Price. $1,25
Marketcap. $48 480 487 662
24h Volume. $2 895 190 000

BCH. Price. $1 545,28
Marketcap. $26 157 340 880
24h Volume. $700 539 000

Crypto Won't Replace Fiat, XRP CEO Says

But head of Ripple believes that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution
05 September 2018   557

Ripple's CEO Brad Garlinghouse is convinced that the fiat currency will not lose relevance in the near future and called "senseless" the possible replacement of traditional currencies with digital assets. The future of crypto currency lies in cross-border transactions, Garlinghouse said in the Stanford Legal podcast. This is reported by CoinSpeaker.

I don’t think we’re going to be buying coffee at Starbucks with Bitcoin or XRP anytime soon. I think we’ve got to ask ourselves: What problem is that solving? You were talking about paying for the day spa bill and how you do that, but I think in some ways the friction – fiat currency, the US dollar in this case works pretty well, and so we need to make sure it’s better than that before we talk about it as a currency…
 

Brad Garlinghouse

CEO, Ripple

According to Garlinghouse, cryptocurrencies can be used in the st way in international payments and as a means of preserving value. This is especially true of crisis and weak economies, with a high level of inflation. He noted that the average annual inflation of the currencies of countries outside the G20 is about 6%.

There are economies where the fiat currency is at best a weak currency. And in those contexts, if I were a consumer experiencing hyperinflation – would you rather hold a cryptocurrency or your fiat currency? And in a lot of those cases, you’re seeing people take their dollars, or not dollars, pesos of various sorts, and saying, ‘I’d rather hold this because it’s a better asset to hold in terms of its potential appreciation and lack of inflation.
 

Brad Garlinghouse

CEO, Ripple

The head of Ripple stressed that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution. He also noted the Ripple, which allows to conduct international transactions "almost in real time". This will help many companies save time and resources.

We had one of the largest banks in Australia, the CEO told me that 40% of all of their consumer wire transfers result in a customer service phone call. The frustrating thing for the bank is not only do they have to absorb the cost of taking a customer service phone call, they also deliver the news that they don’t know wait a couple more days it’ll probably be there.
 

Brad Garlinghouse

CEO, Ripple

Earlier, the Northern District Court of California rejected a class action lawsuit filed by investor Ryan Coffey against Ripple Labs Inc. on behalf of everyone who bought XRP tokens after January 1, 2013. The company was accused of illegally manipulating the price of XRP.