Purple Group plays to rand demand for bitcoin
JSE-listed Purple Group has added cryptocurrencies to its online trading platform, allowing users to buy bitcoin and Ethereum in rand or to bet against the performance of these flagship digital currencies. Despite the steep cryptocurrency sell-off in December and January, which curbed the euphoria of many speculative buyers, financial institutions in SA and other markets are considering these broking services in response to client demands. FNB Foreign Exchange CEO Anthony Grant told Business Day in March more of the bank’s customers were asking about cryptocurrency trading options. While FNB had been "carefully assessing the opportunities", it would only pursue "sustainable solutions" and the bank had not yet made a decision about facilitating cryptocurrency trades, Grant said.
Purple’s GT247.com platform decided to offer bitcoin and Ethereum broking services from March after receiving "strong demand" from clients, said Barry Dumas, trading specialist at the group. "We are see...