If there was any doubt about the usefulness of cryptocurrency trading, the IG Group report dispels such doubts. IG group, an over-the-counter online brokerage, published its results for the third quarter of fiscal 2018, which ended on February 28.
The company noted that it was a record quarter as cryptocurrency trading contributed to a sharp 30 percent increase in revenue to £152.9 million ($216.7 million). This figure is up 13 percent compared to the previous quarter.
Cryptocurrency trading increased the company's overall revenue by 11 percent. Since the price of Bitcoin rose above $10,000, the company's customers have become very active in the market. As a reminder, at one point IG Group was one of the largest holders of BTC futures contracts in order to attract more clients to its platform.
Revenue per client - one of the key performance indicators for any brokerage - increased significantly in the third quarter of fiscal 2018. IG Group said the figure was up 25 percent year-on-year to £1,482.
The higher level of trading activity overall had a material impact on the company's results. IG Group clients have reasserted themselves into the market as overall volatility across some asset classes has increased significantly. Active clients increased by four per cent to 99,500, and the company added 12,500 new OTC clients who made their first trades during the period.
IG Group's full-year results were up 16 per cent on the previous year, with net trading income of £421.3 million. Cryptocurrency trading accounts for 7 percent of revenue for the year. For the same period last year, this figure was 0.5 percent.
According to https://www.financemagnates.com
You May Also Like
Exchanges Poloniex and Bitfinex are losing their bitcoins
Over the past few days, Bitcoin (BTC) withdrawals from exchange wallets have increased, raising concerns in the crypto community about the security and future intentions of the market.
TRON Foundation and Justin Sun donate millions of dollars to charity
The three million that the Binance Charitable Foundation (BCF) will receive was donated using the TRON ecosystem's native currency, TRX. BCF is a non-profit organization that was created with the goal of accelerating the adoption of blockchain technology as well as helping those in need.
