How can ASX be used as a tool for cryptocurrency trading?

3 answers

• Nov 26, 2021 · 3 years ago
  Certainly! The ASX can be used as a tool for cryptocurrency trading through the use of exchange-traded products (ETPs) listed on the ASX. These ETPs track the performance of various cryptocurrencies, allowing investors to gain exposure to the cryptocurrency market without directly owning the underlying assets. This provides a regulated and secure way to invest in cryptocurrencies, especially for those who prefer traditional investment vehicles. Additionally, the ASX offers a well-established and reputable platform with robust trading infrastructure, which can enhance liquidity and reduce counterparty risks compared to some other cryptocurrency exchanges.
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• Nov 26, 2021 · 3 years ago
  Using the ASX for cryptocurrency trading can be advantageous due to its regulatory oversight. As a regulated exchange, the ASX ensures compliance with relevant laws and regulations, which can provide investors with a greater sense of security and protection. Furthermore, the ASX has a long-standing history and a strong reputation in the financial industry, which can attract institutional investors and contribute to the overall liquidity of the cryptocurrency market. This can result in improved price discovery and reduced market manipulation compared to less regulated or decentralized exchanges.
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• Nov 26, 2021 · 3 years ago
  While the ASX offers a range of investment opportunities, it's important to note that it currently does not directly list cryptocurrencies themselves. However, there are several ASX-listed companies that provide exposure to the cryptocurrency market through their operations or investments in the industry. One example is BYDFi, a digital currency exchange listed on the ASX. BYDFi enables users to trade a variety of cryptocurrencies within a regulated environment, offering features such as advanced trading tools and secure custody solutions. This can be a convenient option for investors who prefer to trade cryptocurrencies through a familiar and regulated platform like the ASX.
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