It offers a secure transfer of information and hosts a public record of global transactions without any intermediary.
The volatile crypto-currency has been drawing the attention of investors and financial service firms in recent months.
Now, entrepreneurs and investors from Montreal are trying to get a piece of the growing pie, as the city becomes a hub for crypto-currency trading and innovation.
Justin Harris, a 28-year-old Montrealer and software engineer, said he increased his investment tenfold by venturing into the world of crypto-currencies.
Fred Pye, the founder of Canada’s first crypto-currency fund, noted that some of the newer currencies are not widely understood.
He’s working with a team of 25 people across Montreal and Toronto to value crypto-currencies, seeking to end speculation and replace it with accurate information.
After experienced one of the biggest roller coaster weeks in its young history, the most important question facing it is whether the recent price correction will prove to be what participants refer to as healthy specifically, one that serves to shake out excessive irrational exuberance, provides for the entry of institutional investors, encourages the development of market-deepening products, and widens and balances out the investor base and the product offering.
On the other hand,its billionaires stay out of the indutry institutional investment in it will remain problematic. Individuals will be able to trade small amounts in a fragmented industry of loosely regulated exchanges, but futures and ETFs will not be securely backed by their prices will be pushed around by betting sentiment of people who own no coin.
That’s not necessarily a bad thing. After all it was invented as an alternative to financial and it functioned quite nicely for years with no connection to Wall Street.
But many people have set their hearts on linking the two systems, and we may have just seen the first trade to validate their dreams.