Most people born before 1982 have a hard time getting their heads around the concept of cryptocurrency. But, by all accounts, it’s huge. Some even reckon that in time it will surpass today’s global currencies as a means of transaction.
In the meantime, people are buying and selling crypto like crazy! Trying to follow the price of Bitcoin, for example, could give a person whiplash. But crypto is out there, and it looks like it’s here to stay.
Buying crypto is actually really easy, especially if you’re on the EasyEquities platform. There’s an index called the DCX10, which is managed by Digital Currency Index Capital, that you can buy on EasyEquities as you would a normal share or ETF. The DCX10 index gives you exposure to the top 10 cryptocurrencies by market capitalisation.
EasyEquities, a subsidiary of the JSE listed Purple Group, today announced its continued joint venture with Digital Currency Index Capital and its intention to buy a controlling interest in the company.
DCX Capital announced that the DCX10 Index of the top 10 Crypto Assets will be renamed and will in future be known as the EC10 (EasyCrypto 10) Index, managed by DCX Capital.
Across the Indian Ocean, EasyEquities Australia has achieved registration as a regulated crypto vendor under AUSTRAC, the Australian body that oversees crypto asset providers, and will shortly be launching EC10 and other cryptocurrencies down under.
DCX Capital is a startup by ex-banker and venture capitalist Michael Jordaan, and entrepreneur Earle Loxton that developed the first cryptocurrency index available in South Africa.
The index of the top 10 crypto assets, labelled the EC10, includes Bitcoin, Ethereum, XRP and seven others, and is weighted according to market capitalisation. The EC10 Index has proven popular with EasyVestors: Since the partnership started in June 2019, over 20 000 users have added EC10 to their portfolios.
The startup culture at DCX was something EasyEquities was very familiar with and CEOs Charles Savage (of EasyEquities) and Earle Loxton (of DCX Capital) quickly found many ways to add value to their clients.
As DCX matured beyond “proof of concept” and “minimum viable product” it made natural sense to partner with an established player in the financial services sector for the next chapter of its evolution.
“This partnership will enable DCX to concentrate on developing its resources and internal systems to such an extent that an offering will soon be made to other corporate entities and financial institutions wanting to get some exposure to crypto assets,” says Earle.
South Africa is currently in the process of finalising its regulatory framework and legislation around crypto assets. The Intergovernmental Financial Working Group, together with the SARB, FSCA and SARS, has been forward thinking and efficient in getting crypto into the regulated space.
Says Charles: “We remain focused on ensuring our platform is a place where all investors can satisfy their investment appetite. With EasyProperties, Australian and USD shares, as well as TFSA accounts and the ability to get exposure to crypto available with no minimums and low cost, we are delighted that our more than 500 000 clients have choices to match any risk profile.”
To access EC10, click here.