In news that has created much optimism across the world of iGaming, London Capital Group (LCG) has announced they will be opening up to cryptocurrencies, allowing their clients to trade contracts using bitcoin and other virtual currencies.According to Phil Nagy, the CEO of Winning Poker Network, customers who have and trade digital assets are offer double the value of those who don’t, creating a win-win situation in the light of the LCG’s announcement.
Trading opportunities
The announcement, which will see the likes of Ethereum and Litecoin (alongside bitcoin) able to be traded against traditional currencies such as the Euro and the US Dollar, came as part of an official statement from LCG, which said:“Cryptocurrencies have grown in prominence and popularity amongst traders in recent years. Underpinned by innovative blockchain technology, cryptocurrencies are not issued or controlled by central banks or government agencies.“Their decentralised nature forms part of the appeal for traders, as cryptocurrencies, theoretically, cannot be manipulated or interfered with by outside forces. Highly susceptible to news and announcements, cryptocurrencies are prone to market volatility, providing ample trading opportunities.”
The rise and rise of cryptocurrencies
While bitcoin may have been the first cryptocurrency to make a splash in the financial world, and is still the most valuable several cryptocurrencies have seen their values soar over recent years, getting the attention of many in the financial world.While the UK and the US are both countries in the midst of huge booms for cryptocurrencies, the global reach is still increasing, leading many to assume that the growth in value of the virtual currencies will continue to grow for a long time to come.The acceptance of cryptocurrencies as an official, tradable currency by the LCG is certainly a huge step forward, and should cause joy to many in the iGaming world.