The crypto community went into overdrive recently, as it was announced that Yahoo Finance, one of the world’s most popular finance-centric platforms, announced support for crypto trading features.
On Wednesday, the website allowed its users to trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) via Coinbase and Robinhood API integrations, without ever having to click off Yahoo Finance. It came as massive news to crypto followers all over, as the world’s sixth most popular website according to Alexa, announced of its partnership with API developer TradeIt to allow users to trade cryptocurrencies from within the Yahoo Finance platform.
Yahoo Finance’s embrace of cryptocurrencies has gotten many excited about the future prospects for mainstream adoption.
One of many enthusiasts to insist that the event was important in mass cryptocurrency adoption was Morgan Creek Digital’s Founder and Partner, Anthony Pompliano, who Tweeted:
You can now buy Bitcoin, Ethereum, and Litecoin on Yahoo Finance.
THE VIRUS IS SPREADING ????
— Pomp ???? (@APompliano) August 29, 2018
Another well-known crypto spearhead, Charlie Lee, who is the founder of Litecoin also seemed excited about prospects of mass adoption.
— Charlie Lee [LTC⚡] (@SatoshiLite) August 29, 2018
As with Yahoo Finance’s stock trading feature, users will now buy and sell buttons on each cryptocurrency’s quote page. After initiating a trade, they can log in to an external brokerage account (Coinbase, Robinhood, etc.) and execute the buy or sell order, all without leaving the Yahoo Finance platform.
General Manager of Finance and Tech at Yahoo’s parent company Oath, Joanna Lambert said:
As the leading provider of financial data, insights, and editorial content, we are constantly looking for ways to better serve audiences on the Yahoo Finance platform.
The feature, however, is limited to YF’s iOS platform only, seemingly looks like a series of bucket test drives initiative before anything else. Some users also had the feature disappear hours after it launched, further confirming its premature status.
Does the move help mainstream crypto adoption?
Well, it is rather unclear if the move had any discernible effect on the market, but one could be forgiven to hope that it does play its role to get into the public’s eye amid concerns that cryptocurrencies might never be able to replace the dollar.
The Yahoo Finance executives seemed excited about future prospects and hoped that their platform could provide users with access to “relevant utilities”; that is cryptocurrencies.
Joanna Lambert explained of YF’s vision regarding cryptocurrencies as “relevant utilities” and expressed their excitement about it.
We first launched our integration with Trade It one year ago, allowing people to trade on Yahoo Finance for the first time ever. We’re excited to expand this offering to cryptocurrencies, further connecting our passionate community of investors with relevant utilities on our trusted platform.
However, crypto experts appear to downplay the scenario, suggesting the market will not ripen overnight and it is still some years into the future, that we may see a cryptocurrency overdrive.
Upon asked for opinion by BlockPublisher about whether YF’s suit will help main stream acceptance to cryptos, Board member at 9Spokes and cryptocurrency expert, Thomas Power predicted that Yahoo’s move does “help a little”, but the actual crypto mainstream era would be 2023-2026. He also pointed to potential hyped up individuals, (like myself) to be patient into at least the 15th year of cryptos.
— Thomas Power (@thomaspower) September 1, 2018
Sounds like advice, Thomas.