It’s a big leap for cryptocurrency adoption, we have recently seen the listings of Bitcoin, Ethereum and Litecoin on the Yahoo Finance platform. This comes after recent (ish) announcements from Yahoo Japan, who have said they wish to break into cryptocurrency territories and open up a fully working cryptocurrency exchange. Indeed, this is the first step towards achieving that. Charlie Lee, the founder of Litecoin has referred to this announcement, stating that:
“Adoption is achieved one step at a time.”
Yahoo Finance is deemed as a mainstream financial outlet. Within Yahoo Finance, traders have access to news, data and some control of their portfolio. Whilst Yahoo Finance is best known for traditional stocks, this is a big step towards Yahoo opening a new door into the cryptosphere, one that promises to help the company grow into a key figure within the crypto and blockchain communities. There are two important factors in this.First of all, accessibility. Yahoo Finance is accessed by a range of different people. This now offers these new traders and users live information about cryptocurrencies and access to a route for buying and selling. As a website with notoriety, it is sure to inspire some new investment.Secondly, and most importantly, Yahoo Finance is a resource for institutional investors too. Institutions trust Yahoo Finance and therefore, they are likely to see this and may be more tempted to, at the very least, look at cryptocurrency investment. This is accessibility, but on a grand scale. Overall, these new ‘listings’ aren’t going to fly up any time soon off the back of this news, but, in the grand scheme of things this is only going to be beneficial for the markets. With Yahoo Finance on board, more people can learn about crypto and thus, more people will be tempted to invest. Once Yahoo Japan fully launch their own cryptocurrency exchange, that dream of institutional investment is suddenly going to become a far more realistic prospect, one that we should all be very excited about.