South African financial company Purple Group has confirmed the addition of two cryptocurrencies, bitcoin and ethereum, to its online trading platform. According to a representative, the decision came in response to strong demand from clients earlier this year. The move has expanded the trading options for South Africans, many of whom, according to a recent study, still believe a lot of money can be made from crypto investments.
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GT247.com Trades Bitcoin and Ethereum
Purple Group, a South African financial services provider listed on the JSE, has added cryptocurrencies to its online trading platform, GT247.com, allowing its users to buy bitcoin (BTC) and ethereum (ETH), local media reported. The decision came in response to strong demand from its customers. Barry Dumas, trading specialist at the group, emphasized that GT247.com allows clients to trade directly in South African rand. “Your rands aren’t converted into dollars like some offerings out there, which can expose you to exchange risks,” he told Business Day.
Purple Group’s representative also noted that despite the decline in cryptocurrency trading volumes over the past months, the platform has seen serious interest mostly from retail clients since the launch of the service earlier this year. “We are seeing a lot more engagement from international institutions like banks and international exchanges looking to regulate cryptocurrencies, as I suspect they want it to be a legitimate asset class in the future,” he pondered.
Taking into account the current state of crypto markets, Purple Group also allows its clients to short the large cap coins, which means investors can benefit from falling prices as well. Barry Dumas pointed out, however, that according to the trading data and the strong
