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Whaleclub adopts Bitcoin as a major currency on its trading platform.
Bitcoin may have encountered several problems in its developmental life. Scalability and security stand tall among the problems that may have slowed down the wholesome acceptance of the cryptocurrency. As Hong Kong based startup, Whaleclub adopts Bitcoin as a major currency on its trading platform, what benefits or challenges could this present to traders?
Currency trading has become a popular aspect of the Finetech industry since the introduction of online trading at the beginning of the 21st century. Companies or individuals involved in currency trading usually have their accounts domiciled with brokers or market-makers. These brokers enable the traders to have the leverage to control a given volume of funds for significant trading.
Nikola Cvijovic, legal representative of Serbian Bitcoin Association, says:
“Projects like this are necessary if we want to have a widespread use of Bitcoin and improved price stability. For some it can be a good way to earn money, but it will also open door to many new and inexperienced traders, and lesson in trading will come costly to them.”
There has been arguments to qualify Bitcoin whether as a currency or a commodity. This argument will continue as Hong Kong based new Bitcoin startup, Whaleclub claims to have created a platform that would allow anyone to trade in the financial market using Bitcoin. Whaleclub says that traders can go long or short on cryptocurrencies, Forex, commodities, indices, and stocks, using Bitcoin as opposed to fiat currency.
Prior to this time, traders would go through banks and intermediaries in order to gain access into the financial market. But the deployment of a Bitcoin based platform would eliminate the need for such intermediaries.
“Our mission is to allow anyone, wherever they may be in the world, to use Bitcoin to access and trade the global markets,” Petar Zivkovski, Whaleclub’s chief operating officer, tells Cointelegraph:
“We are building the future of trading. By blending sophisticated engineering with an elegant experience, we empower thousands of traders to access worldwide markets with Bitcoin – completely outside the traditional financial system.”
One major problem that may be encountered using Bitcoin as a trading currency in the financial and commodities market is security.
Nikola Cvijovic notes that the underdeveloped and complicated nature of security within the Bitcoin ecosystem could pose a problem for traders using Bitcoin. However, he thinks that in overall, projects like this one are necessary in the development of Bitcoin.
“One of the obstacles could be, still underdeveloped and complicated security procedures in Bitcoin world, making it favorite target for thieves,” warns Cvijovic.
Whaleclub says that it sources liquidity for client position hedging on the BTC/USD market from OKCoin, Bitstamp, and various private liquidity pools.
According to Zivkovski, Whaleclub traders come from 190 different countries. European, South American, and East Asian countries are currently the most represented countries on Whaleclub.
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