First Global Credit now allows bitcoin-based trading on the London Stock Exchange

While the big players on the stock exchange market are still carrying out research into the bitcoin/blockchain technology, a firm known by the name of First Global Credit has announced that users can now trade shares from the London Stock Exchange.

The firm is popularly known for allowing users to use digital currencies as collateral margin when it comes down to trading ETFs and stocks. Now, traders will be allowed to deposit bitcoin onto the platform and proceed to use the digital currency to trade assets.

However, it’s worth pointing out that customers are not carrying out the transaction directly. Rather, First Global Credit uses a system known as TRS- total return swap to short and buy shares on behalf of their clients.

In a recent interview with the communications director of the company, it was pointed out that the platform already has over 1,300 registered clients, who trade roughly $2 million worth of stocks per month. Now, with the addition of the London Stock Exchange trades, chances are that the amount will likely increase, as there are tons of bitcoin enthusiasts looking for ways to trade directly via bitcoin.

“Until recently, it has been difficult to find any option to turn bitcoin into a productive asset. Our clients have a distinct edge over other bitcoin holders because they can extract profit from their capital in two ways”, says Marcie Terman.

At this moment in time, not all shares are available on the platform. In case traders are particularly interested in a certain share, then the firm will add it in if there’s enough liquidity available.

Based on everything that has been outlined so far, have you used the First Global Credit platform until now? If yes, what are your thoughts on it? Let us know in the comments.