Bitcoin, Ethereum and Litecoin Trading Now Available on Yahoo Finance
Yahoo Finance has quietly integrated trading with Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) on its platform, Morgan Creek Digital founder announced in an August 29 tweet.
“The Virus Is Spreading”
In what many news outlets have described as a big step forward for mainstream crypto adoption, Yahoo Finance has launched a new option allowing its users to buy and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
The popular finance platform, which previously only focused on traditional forex and capital markets, introduced the new “Buy” and “Sell” buttons next to the latest price data of the four major coins.
And while Yahoo is yet to release a public statement regarding the crypto-enabled trading, the company has been active in building out its cryptocurrency data offerings.
The new development was announced by Anthony “Pomp” Pompliano, founder and partner at Morgan Creek Digital, an investment firm backed by Morgan Creek Capital Management.
According to data from CoinMarketCap, Litecoin was down 1.74 percent on August 29 and is trading around $62. The total market capitalization of the altcoin is nearly $3.6 billion, while its trading volume over the past 24 hours totaled around $222 million.
Mainstream Adoption Still a Long Way Ahead
While Yahoo’s endorsement of crypto trading is without a doubt a giant stride for the entire cryptocurrency community, many enthusiasts and investors alike have pointed out the flaws in Yahoo’s trading model.
As Yahoo facilitates the new crypto trading option through TradeIt, an API that links retail investors and app developers with any online financial broker, the service is currently only available in the United States.
Yahoo’s ability to buy and sell the notable cryptocurrencies is made possible by API supplied from crypto trading platforms such as Coinbase and Robinhood. However, many Twitter users were disappointed in the lack of diversity in the coins offered, saying that it’s a “shame” Rippe and Ethereum Classic was not available for trading.
According to an August 28 report from Forbes, the main reason Morgan Creek Digital decided to exclude certain cryptocurrencies from their fund was the way those currencies were created.
The fund excludes cryptocurrencies such as Ripple’s XRP and Stellar’s lumen, that was created through a controversial process called a pre-mine, which means they were largely or exclusively created when the blockchain first began.
Yahoo Finance might have gone with the same reasoning, deciding to include only the cryptocurrencies which don’t come with the potential regulatory risks associated with market manipulation.
However, despite the short list of cryptocurrencies available for trading, Yahoo Finance didn’t steer clear from altcoins altogether and has almost two dozen other cryptocurrencies, including EOS, Tether, Stellar and Tronix, listed in their index.