London-based fintech Moneybox has put on hold its plans of offering crypto products to users amid market uncertainties caused by the pandemic. Despite having expressed enthusiasm towards digital assets, Moneybox seems to have deprioritized its plans since the £35m Series D round last year. CEO Ben Stanway mentioned that market volatility has changed investors’ preference towards investment options, and integrating cryptocurrency into their investments roadmap has been deprioritized for now, although it still remains an option. Moneybox is committed to helping people build their wealth. The company is focused on helping its customers progress towards their financial goals amidst the changing market conditions with more confidence.
The decision by the London-based fintech may lead other firms in the sector to consider distance themselves from cryptocurrencies based on current market risks. However, this could also mean that when the market stabilizes, Moneybox may readjust and continue its crypto plans as the firm’s previous interest in the cryptocurrency market suggests that the company understands the potential of digital currencies and how they can be part of a diversified investment portfolio. However, it is important to note that many major UK banks have blocked credit card transactions and payments to crypto exchanges.
Cryptocurrency has seen its ups and downs in recent years, and some market speculators consider it a worthy investment option. Although market predictions can be volatile at times, investors can enter the cryptocurrency market cautiously by investing only a small percentage of their portfolio, spreading their investments across different cryptocurrencies, and keeping an eye on the market movements and trends. As the market stands, crypto remains a high-risk investment class. It is important to understand the fundamentals of this new market and consult regulated financial advisors before making any investments.
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