Despite the consistent fall in cryptocurrencies especially Bitcoin since last year, there is a continuous rise in the demand as stated by the co-founder of cryptocurrency exchange Coinhako.
Yusho Liu, the founding member of Coinhako has stated that the demand of the cryptocurrency is still “robust” and there are “more buyers than sellers over the years”. He reasoned out the increase as the result of spread of information about cryptocurrencies among people which captures their interest and leads them to make a purchase in future.
According to him, most of the people who buy the cryptocurrencies keep them on hold and do not indulge in day to day trading.
In a recent interview with SunBiz, Yusho stated that although the cryptocurrencies have slumped down since January, the prices have lately started to pick up and is expected to remain consistent with the rise.
The price of Bitcoin has tumbled down by more than 65% from its peak at $20,000 in December, 2017 to $6,627.70 till yesterday.
He also credited the rise in demand to the increasing participation of mainstream traders in the market.
Coinhako was founded in 2014 in Singapore by Yusho and expanded into Malaysia in the mid of 2016. Presently the company is looking forward to enter the Indonesian and Vietnamese market expecting that it would leverage the transaction value by 5-10 times in the start of next year.
As of now, the company has a user base of more than 100,000 and conducted a transaction value of S$250 million with Malaysia accounting for around 20% of the total transaction value.
Liu added that the platform is planning to supplement its portfolio of cryptocurrencies with new coins and would be adding some of such coins by the end of the year. As of now, the platform serves its users with bitcoin, ethereum and bitcoin cash.
Adding to the company’s plan, he said that the company is looking at the stable coin which usually means a coin pegged by assets like gold or fiat currency.