Cryptocurrency

Charles Schwab will prevent the cryptocurrencies “for now” – Breaking News

The brokerage firm banking and investments-largest in the united States, Charles Schwab, announced that the moments would stay away from the cryptocurrencies. Despite the fact that direct competitors of the company, such as Fidelity, are opening the doors to digital currencies, Schwab maintains that he will not seek to offer direct trade of cryptocurrencies in the foreseeable future. For his part, Rob Farmer, director, manager of corporate communications for Schwab, in some statements reaffirmed the stance of the company on not be looking for trade services of cryptocurrencies by the moments. In addition to that, he added that “investors should see these coins as an instrument purely speculative”. Although digital currencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), among others, are used as media of exchange by more and more people as time passes, yet there are agencies and institutions that consider their range of action only in the sector of speculation. However, this position is highly criticized by several members of the community cryptographic; including the official Nexus Strategy, Tim Welsh, who stated that: “Never alter voluntarily the cart of apples, unless the market forces him to do so. Until the advisors most important (Schwab) require you to do something, they will continue their sleepwalker through innovation”. Other analysts, such as Will Trout, of the consulting firm Celent, believe that Schwab will eventually “be forced to move into the space at some point, although it is more likely that it is so small, the custody of customer assets or a stake in an exchange.” But that time has not yet come. Even at the beginning of this year, we asked the firm if it would be part of the consortium created for Pound, the colloquially-called “criptomoneda of Facebook”, the response of its president, Walt Bettinger, asked: “respond a bit to this question in the future.” But not all are of the opinion that Schwab is making a mistake. In fact, the co-global head of ConsenSys, a software firm Blockchain, Lex Sokolin, he explained that ultimately, those who waited to adopt the technology surely would be the advantage, since they could purchase at a low price. Meanwhile, Gabriel Wang, analyst at financial technology Group Aite, stated that: “the overall size of The market of the cryptocurrencies, in this moment, is not yet large enough for companies like Schwab (…) to justify the risks they will take (…) it May be worthwhile for these firms to wait”. Another of the reasons that Schwab still does not want to interact with digital currencies is that Bitcoin, the main criptomoneda, turned out to be “something of their own” and, therefore, difficult to predict due to its independence and non-correlation with traditional market wider. Therefore, the best alternative is to expect to have the enough information on how to handle such a digital currency before. The following two tabs change content below. I am a student of International Studies, interested in new technologies and their impact on the world. A true believer that tenacity is the foundation of success.

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