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05-Feb-2018<br />

IFA giant launches cryto app, Lloyds Bank bans Bitcoin<br />

AltFi<br />

Click to open<br />

https://goo.gl/iEURsC<br />

The Bitcoin selloff has not prompted deVere to abandon its new crypto currency facility<br />

launch.<br />

Despite cryptocurrencies' crash over the last month, demand for them will “sky rocket” in the<br />

next 12 months, according to Nigel Green, CEO of deVere Group.<br />

Bitcoin could gain by 50 to 60 per cent, he says, and will remain highly volatile as it comes<br />

under “increasing pressure” from Ethereum and other cryptocurrencies.<br />

The deVere Group today officially launches deVere Crypto, a new cryptocurrency app.<br />

Available for Apple and Android, it allows users to store, transfer and exchange currently<br />

three major cryptocurrencies, namely Bitcoin, Ethereum and LiteCoin. More<br />

cryptocurrencies will be added in the coming weeks.<br />

“Bitcoin – the world’s highest profile and largest by market-cap cryptocurrency - slumped by<br />

30 per cent last week. There’s increasing scrutiny of the market by governments around the<br />

world, plus enhanced regulation. Therefore, it is perhaps unsurprising that some have<br />

questioned the timing of the official launch of deVere Crypto,” Green said.<br />

“However, demand for cryptocurrencies is set to sky rocket in 2018 as more people get to<br />

know about them and use them, and as the interest of governments and businesses, and<br />

more regulation, demonstrate how the market is maturing and becoming ever-more<br />

mainstream,” he added.<br />

He says while Bitcoin will remain highly volatile over the next 12 months, it will recover from<br />

its current position and could see it surge by 50 to 60 per cent, as many will jump in for fear<br />

of missing out for a second time.<br />

“As in all markets, this expected volatility is creating, and will continue to create, important<br />

buying opportunities,” Green added.<br />

Meanwhile the Lloyds Banking Group has banned its own customers from buying Bitcoin as<br />

well as other crypto-currencies owing to concerns over recent volatility. Customers of Lloyds<br />

will no longer be able to buy cryptocurrencies on their credit cards from today. This applies<br />

to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers. It will not, however, apply<br />

to debit cards, but to the firm’s eight million credit card users.<br />

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