Investments in the crypto industry have been very up and down as of late, but one company, a startup known as Ternio, reports that it’s doing better than ever when it comes to attracting new digital currency investors.
Ternio Has Seen A Surge in Investments
The spread of the coronavirus pandemic has caused many people to lose their cool when it comes to crypto and stock investments. Over the past few weeks, bitcoin has dropped from over $10,300 to about $6,300 at the time of writing. More than $4,000 has been lost from the currency’s annual peak price due to a massive selloff of digital assets, as people are concerned about lacking cash. In times like these, cash tends to be king.
In addition, bitcoin futures have also fallen heavily over the past few weeks. Companies such as CME Group in Chicago, Illinois, report their lowest trading volumes in some time, while Bakkt – the institutional crypto platform owned and governed by the Intercontinental Exchange (ICE) – has experienced virtually no trading since early March.
But according to Ternio, the amount of new investments it’s witnessed recently is growing, which suggests that all investing – particularly crypto investing – is subjected to where, and ultimately, how, people will feel safe.
Ternio uses the blockchain to allow its customers to interact with current banking systems. The company says that the amount of investments it’s now covering from retail players exceeds $350,000, and it foresees this number growing exponentially over the coming weeks. Approximately 1,300 separate investors are now clients of the startup, many of which initially became interested during the venture’s first equity offering.
Ian Kane – COO and co-founder of Ternio – explained in a statement:
Our goal is to provide a seamless interaction between fiat currencies like the dollar and cryptocurrencies. With our release of FDIC insured checking accounts, we have bridged the gap for users to easily move between currencies, while simultaneously reducing a lot of the fees and time lag with the legacy financial system.
Making Crypto Cards Mainstream
One of the company’s biggest (and most recent) claims to fame is its partnership with Block Card. Customers can now register their data and deposit digital currencies into their accounts. They’re then issued debit cards containing their crypto stashes so that they can use their digital assets to purchase goods and services from most retailers. The cards can also be synched with platforms such as Google and Apple Pay.
In recent months, companies like the Litecoin Foundation, Bi Box Exchange, Veil and several others have signed on with Ternio to utilize its technology to issue their own crypto-backed debit and credit card projects in the United States. Approximately 31 separate European nations have also shown interest and will allegedly work with Ternio in the coming future.