Independent financial services firm, DeVere Group, has announced the addition of two more virtual currencies to its digital currency exchange platform. The two currencies are Monero (XMR) and Stellar Lumens (XLM). This now brings the total number of virtual currencies traded on the DeVere platform to seven. The digital currency already on the platform include Dash (DASH), Ripple (XRP), Litecoin (LTC), Ethereum (ETH) and Bitcoin (BTC).
According to the chief executive officer of DeVere Group, Nigel Green, clients seeking an extensive portfolio of digital currencies pushed the agenda. Furthermore, Green says the adoption of virtual currencies is on the rise. Institutional and retail investors can no longer ignore them As more enter the mainstream. Before the new cryptocurrencies addition, Green revealed leading experts conducted an evaluation and analysis of the coins.
Borderless currencies
Green suggested cryptocurrency growth comes from an understanding and appreciation for needing decentralized, borderless currencies. Additionally, blockchain technology, is seeing scalability and speed issues solved and enhancing transaction processing capacities.
This comes in the wake of IBM announcing that it will unveil a crypto token known as Verder. It will be built on the Stellar blockchain network. Also, IBM will partner with Veridium Labs, a fintech firm based in Hong Kong.
“This is a great example of how industries are being reinvented by blockchain, in this case establishing a far more efficient and transparent approach to carbon accounting and offsetting that will empower individuals and companies,” said Bridget van Kralingen, Senior VP of Blockchain and Industry Platforms at IBM.
Carbon credits
With the token, IBM intends to assist businesses mitigate their environmental impact by employing blockchain technology in the tracking of carbon credits. The system of using carbon credits became formal with 1997’s Kyoto Protocol as countries needed to cut their carbon emissions. The treaty became effective more than a decade ago with 192 countries currently participating. With one carbon credit, a business can emit greenhouse gases or carbon dioxide amounting to one ton.
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