New Zealand-based brokerage company Fullerton Markets announced today the successful integration of a Bitcoin funding method for client accounts. The company has received a substantial volume of requests in recent months, asking to incorporate Bitcoin as a deposit method, in order to provide clients with an alternative to fiat currencies.
Mario Singh, Chief Executive of Fullerton Markets, commented on the launch of the Bitcoin funding option. “We have had loads of requests over the last couple of months to integrate a payment processor which accepts Bitcoin. Interestingly enough, the requests have not dropped despite Bitcoin falling over 50% in the last one month alone.”
China Not Stopping Innovation
Amid growing concerns about the Chinese government’s crackdown on cryptocurrencies, the entire crypto market has endured a significant setback over the past week. The announcement that China is planning an imminent block of all cryptocurrency websites has led to a dramatic drop in the value of the industry’s leading coins and the market cap of the entire crypto market.
Based on Mr. Singh’s comments, the serious decline of the crypto market has not deterred clients from requesting the addition of Bitcoin as a payment method. While Bitcoin and other altcoins have certainly suffered a setback, it is important to understand that in the larger picture, many of the top virtual currencies are still valued higher than they were just a few months ago. The strong surge seen in December of last year led to an influx of investors from around the globe, vying to obtain their share of Bitcoin, Ethereum, and many other digital assets, in the hopes of benefiting from similar returns.
Many of these investors have suffered substantial losses due to the timing of their entry into the market, and a highly bearish 30 days throughout the crypto sphere. Despite the depreciation of many coins, Bitcoin remains at the forefront of financial news, and remains a highly intriguing investment avenue for many. The incorporation of Bitcoin into everyday use remains highly active, as various industries, websites and companies have not shied from integrating their operations into the blockchain industry, partly due to its technological potential and fast execution speeds.
Mr. Singh addressed the benefits of innovating funding methods to include Bitcoin: “Firstly, the deposit process is instant with no delays compared to a normal wire transfer. Next, all transactions are universally verified by blockchain technology with no handling of sensitive personal information. This adds to the security of the payment and the protection of personal data. We don’t charge deposit fees as well – the only fee clients pay is the mining fee which goes directly to the Miners.”