First Global Credit, the London-based bitcoin firm that enables cryptocurrency to be used as collateral margin to trade stocks, ETFs and commodity futures, reports over $12 million dollars' worth of trading volume on the platform during the month of November.
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This new record tops the previous high set in February of 2016 when combined stock, futures and bitcoin to fiat currency trading on the site which totalled $2.1 million dollars.
Marcie Terman, Communications Director, First Global Credit and XBT Corp Geneva
“The explosive Volatility in the US stock market following the US election of Donald Trump election caused a sharp increase in the number of new deposits followed by an increase in the size of trades being executed on the platform,” stated First Global Credit Founding Director Marcie Terman. “The number of traders verifying live accounts has also increased 25% over October and November. That coupled with a record number of old traders returning to take advantage of the profit opportunities in the market have all come together to cause the significant increase in volume of trading on the site.”
“This market volatility combined with conversations I am having with people about their fears following August’s Bitfinex hack has become clear that more and more bitcoin traders are looking critically at the exchanges they choose to work with. We are seeing a sharp rise in the size of customer accounts alongside more serious questions being asked before traders are willing to deposit actual funds in an account,” stated Ms. Terman. “Perhaps more serious traders are attracted to our business model. These people have clearly stated that exchanges that don’t publish their management details or ones that choose to domicile in questionable jurisdictions are possibly doing so because if problems develop it is easier to disappear without reprisal."
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In July of 2016 First Global moved the service onto a new bank grade Trading Platform and over the last twelve months it has increased the number of markets available to trade on the platform by more than 30%. The company reports that a combination of new markets, new customers and old ones returning to the site has caused a jump of 600% in revenue for 2016 to date.
“This is a very exciting time to be involved in a bitcoin capital market company,” said Terman. “As the price of bitcoin rises people become more committed about retaining their position in the cryptocurrency. This means there is less interest in trading in and out of bitcoin and a more serious search for ways to make the currency productive while holding onto a bitcoin position to reap the anticipated benefits from upward surges in currency value."
