Yahoo Finance Adds Bitcoin, Ethereum and Litecoin as Tradable Assets
Yahoo Finance has added a trio of cryptocurrencies to its trading platform, giving investors a new venue to buy and sell digital assets.
Yahoo Finance Goes Crypto
As of this week, investors can buy and sell bitcoin, Ethereum and Litecoin on Yahoo Finance. Although there doesn’t seem to be a direct announcement on the matter, Yahoo’s trading app now includes ‘buy’ and ‘sell’ icons next to the three cryptocurrencies.
While previously a place to look up stock market data, Yahoo Finance announced last September that it was introducing trading directly through its app. The company’s Japanese arm has since announced plans to introduce cryptocurrency trading as early as next year. Digital assets are considered legal tender in Japan.
Bitcoin, Ethereum and Litecoin all traded lower on Thursday. Yahoo Finance provides a minute-by-minute snapshot of BTC/USD, ETH/USD and LTC/USD exchange rates. The platform also provides price data on other digital assets such as bitcoin cash and EOS but does not allow direct trading.
Crypto Adoption Grows
Yahoo Finance’s entry into the cryptocurrency market is an important step toward achieving widescale adoption of digital assets. The resource is widely used by consumers, retail traders and even institutional investors to monitor price trends in the financial market. By offering crypto, Yahoo Finance could spearhead wider adoption at a time when organic searches for terms like “bitcoin” and “cryptocurrencies” are very low. How many times people search for these terms is a good proxy for the level of interest in cryptocurrency trading.
Although the announcement was largely ignored by major news outlets, Litecoin founder Charlie Lee didn’t diminish its importance.
“Mass adoption is achieved one step at a time,” Lee tweeted on Wednesday.
Mass adoption is indeed growing at an incremental pace with traditional financiers and exchanges leading the way. As Hacked reported earlier this month, Intercontinental Exchange (ICE) and the Germany’s Boerse Stuttgart have announced major ventures in the crypto space. ICE is the world’s largest stock exchange operator and Boerse Stuttgart is Germany’s second largest stock trading platform. Meanwhile, Wall Street mega bank Goldman Sachs has not only backed several cryptocurrency startups, it has expressed plans to launch its own bitcoin trading desk.
At the same time, digital currency exchanges such as Coinbase have developed new custody services aimed at luring institutional capital. In their view custody is the key to unlocking $10 billion in institutional funds currently sitting on the sidelines.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.