London-based fintech Moneybox announced that it has put its plans to introduce crypto products to customers on hold, as it steps back from digital assets amid market volatility and cost-of-living pressures. While cryptocurrencies can have a place within a diversified investment portfolio, significant market volatility has affected how consumers are choosing to invest their money. Fintech news site AltFi reports that Moneybox is deprioritizing the integration of crypto into the Moneybox investment proposition. Moneybox’s plan to nurture the crypto trading market has changed, responding to the ongoing UK government consultation to regulate cryptocurrency. Following the examples of major UK banks like Barclays, RBS and Starling Bank, blocking credit card payments and transactions with cryptocurrency exchanges, the decision made by Moneybox comes when Bitcoin price is struggling to recover from the all-time high. Bitcoin’s recent rise may suggest that it has potential to increase its value. However, the recent market conditions have demonstrated a downside for cryptocurrency investments. Perhaps Moneybox saw this as the appropriate time to change investment priorities and focus on helping customers navigate changing market conditions with greater confidence.
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