Last year, Yahoo Finance added quote pages for more than 100 cryptocurrencies in a bid to allow its followers to keep up with the price action of their favorite crypto assets. Now, the New York-based firm has announced a new partnership with TradeIt, which will allow it to enable members to trade top cryptocurrencies like Bitcoin, Litecoin, Ethereum, Dogecoin, and Bitcoin Cash without ever having to leave Yahoo Finance.
Cryptocurrency Trading To Be Integrated Into Yahoo Mobile, Web Apps
As per a recent press release, cryptocurrency trading has already been integrated into Yahoo Finance’s IOS investment app. Future plans for this new feature include the introduction of this feature onto Yahoo’s Android app, mobile web system, and desktop app to make it possible for traders to act more quickly on new information while on the move.
“As the leading provider of financial data, insights, and editorial content, we are constantly looking for ways to better serve audiences on the Yahoo Finance platform. … We’re excited to expand this offering to cryptocurrencies, further connecting our passionate community of investors with relevant utilities on our trusted platform,” said Joanna Lambert, General Manager of Finance & Tech at Oath.
This Feature Will Provide Exposure for Crypto, But It May Not Be All Sunshine And Rainbows
This new move by Yahoo Finance is likely to provide major cryptocurrencies with an influx of exposure to investors who might have heard of Bitcoin but haven’t looked into altcoins in-depth. While some of these investors are likely to have been stung Bitcoin’s dismal price performance since 2017’s all-time highs, other investors who believe the words of influencers like John McAfee are likely to anticipate that Bitcoin can establish new all-time highs – eventually, that is. An influx of fiat currency is likely to come with the increased exposure and subsequently, higher prices.
On the flip side, Yahoo Finance’s move seems to limit itself to cryptocurrency futures that likely won’t be settled in actual cryptocurrency. That means the new feature may have more in common with the age-old Gold Standard in which the issuers of paper notes promised to give X amount of gold to their redeemers, but the notes were rarely redeemed, which meant that the issuers rarely had to worry about having enough gold on hand to cover all of the notes despite their promises. If one buys actual Bitcoin that they can transfer to a wallet on their own devices instead of promises to deliver Bitcoin at some point in the future, one does not have any similar problem.
Overall, the exposure provided by Yahoo Finance’s new partnership with TradeIt may be a good thing for cryptocurrency prices, on the condition that most futures providers can deliver on their promises and ensure that investors aren’t turned off by the fact that they are buying promises instead of actual cryptocurrencies in their own wallet.