Exchanges Roundup: Startup Targets Crypto Micro-Investments, Kraken Denies Halifax Closure
In recent news pertaining to cryptocurrency exchanges, Perth-based Bamboo has announced it will launch an app designed to easily facilitate micro-investments in cryptocurrencies, Kraken has rejected an internet rumor that claimed the company had closed a Canadian facility amid security concerns, and Roboforex has increased the leverage available on its cryptocurrency markets to 1:50.
Also Read: Kucoin Expands Into Australia After $3M Bitcoin Australia Deal
Australian Startup to Facilitate Micro-Investments in Crypto Markets
Bamboo, a Perth-based startup, has announced its intention to facilitate micro-transactions into cryptocurrencies through its app. The company plans on launching in Australia and the United States later this year.
Phil George, the chief executive and co-founder of Bamboo, stated: “Our platform aims to provide access to different investment opportunities like cryptocurrencies,” adding: “We wanted to build product and tools that made it easy for anyone to get involved [with cryptocurrencies]. We call it democratizing finance. […] Robinhood is an application that makes it easier to trade shares in a way that’s as powerful as platforms that you needed $100,000 just to trade on. Now you can do it with just $5.”
Mr. George also indicated that Bamboo intends to expand to target emerging markets in the future, stating: “A lot of the third-world nations are as eager, if not more eager, because the barrier to entry is so low with the app that everyone feels like they have an opportunity to be a part of it, and they do. […] I guess what’s next is how aggressively can we launch into new markets that maybe others have overlooked because they don’t have a huge disposable income and they don’t have a huge amount of individual wealth. That doesn’t mean that they shouldn’t be afforded the same opportunity.”
Kraken Denies Rumored Office Closure in Canada
Major United States-based cryptocurrency exchange, Kraken, has denied recent rumors circulating on social media claiming that the exchange would be ceasing operations at a service center facility in Halifax, Canada due to a security concern.
The rumor is believed to have originated from a post on Reddit stating: “Kraken Currency exchange in Halifax unit 102 at 60 Highfield park drive has just laid off hundreds of people in response to a security breach.” Furthermore, the post alleged there was “a giant commotion happening” with “private security […] escorting people off the premises after making them sign voluntary quit forms.” A comment from a now-deleted user sought to corroborate the accusations, claiming to be an employee who had been forced to accept a voluntary resignation, adding “Security everywhere, required to hand in door fobs. Sitting in lunchroom, get told that due to volumes being down (both trading and support ticket), and in light of the opening of a new office in Asia, we need to reduce costs, and layoff of recently hired (<3 months, approx 57 people) was not enough.”
In response to a question pertaining to allegations posted on the Twitter account for Kraken Support, the exchange stated: “We can confirm that we are not shutting down any operations in any specific place, and there has been no security breach. Everything is fine & secure.”
Roboforex Ups Leverage to 50x
Roboforex, the Belize-based subsidiary of Roboforex Group, has announced an increase in the leverage value available for trading operations pertaining to the company’s cryptocurrency markets.
As of this month, Roboforex’s customers will be able to trade bitcoin cash, bitcoin core, dash, EOS, ethereum, litecoin, and ripple using leverage of up to 1:50 – up from the previous margin limit of 1:10.
Chief Marketing Officer at Roboforex, Denis Golomedov, stated: “Many of our clients trade cryptocurrencies. It’s really important for them to cooperate with the broker which provides the most comfortable trading conditions and highest security level when they trade these instruments. The increased leverage will allow our clients to implement a wider range of trading strategies and significantly increase their trading volume.”
Do you believe there is significant demand for micro-investments in cryptocurrencies? Share your thoughts in the comments section below!
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