During a strategy meeting in early 2013, a product manager in my team at Leverate made a tongue-in-cheek suggestion: “why don’t we become the first technology company to allow brokers to offer Bitcoin trading?”. I chuckled. Bitcoin was still largely an esoteric concept. Interesting discussion for geeks, definitely. But not something worthy of a serious business discussion.
Just 6 months down the road, Bitcoin got its media breakthrough and officially became part of the zeitgeist. Dogecoin, Litecoin, Zerocoin and others joined the general crypto buzz. I developed a genuine interest in cryptocurrencies and became passionate about the value that they bring to the world: cheaper transactions across borders, fairness, transparency, global financial inclusion and above all: a huge ground for new business models and innovation. I found myself in circles of techy libertarians who believe that cryptocurrencies are the true capitalistic dream.
Over non-stop media buzz and with BTCUSD rate around 1200, all retail brokers who are our clients developed interest in Bitcoin. Those who understood the power of trends for their online marketing believed it was urgent to add it to their offering. From social trading to these new currencies- the retail FX market absorbs new ideas and quickly evolves to meet the needs of traders worldwide. We responded rapidly by including Bitcoin and Litecoin in all of Leverate’s products, from social FX platforms to binary option platforms. Hundreds of brokers who use the Leverate platforms and products now faced a new business decision: should they add Bitcoin to their offering to traders? What are the risks and opportunities in doing so?