Gain Capital Holdings Inc GCAP, a provider of trading technology and execution services to both retail and institutional clients, announced an expansion of its cryptocurrency offerings Thursday.
What Happened
Gain Capital will now allow customers to trade Ethereum, Litecoin, Ripple, Bitcoin Cash and additional bitcoin pairs such as trading bitcoin directly against the euro, British pound, Australian dollar and U.S. dollar, the company said.
The trading products are being offered in the U.K., Europe, Australia and Singapore, according to Gain Capital.
Cryptocurrency trading will be offered as either an over-the-counter derivative or as a future, which would allow traders to speculate on price movements without directly owning the underlying currency.
Gain Capital's expansion follows its initial launch of cryptocurrency trading in December 2017 with the introduction of bitcoin trading.
The company said it offers bitcoin future trading in the U.S. with its Futures Online and Daniels Trading brands.
Why It's Important
"The expansion of our cryptocurrency offering provides new opportunities for our clients to trade a variety of digital currencies through an established, regulated firm without the need for a digital wallet," Gain Capital CEO Glenn Stevens said in a statement.
"Aligned with our strategy to invest in organic growth and enhance our product offering, the addition of Ethereum, Litecoin, Ripple, Bitcoin Cash and additional bitcoin pairs enhances our crypto offering to include the most popular digital currencies and further differentiates our service, where traders can access over 12,000 markets, including FX, indices, commodities, equities and rates."
What's Next
Despite what appears to be encouraging news for the cryptocurrency market as a whole, the price of bitcoin was trading lower by more than 2 percent at $6,601.47 Friday morning, according to Coindesk. At the same time, the price of Ethereum was lower by more than 4 percent at $366.91.
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