First Global Credit Adds Bitcoin Backed Stock Trading of LSE Shares
First Global Credit, a firm that enables bitcoin to be used as collateral margin to trade stocks and exchange traded funds (ETFs), has added shares traded on the London Stock Exchange (LSE).
The Geneva-headquartered firm already offers a mix of technology, entertainment, Internet and health care stocks and ETFs that cover geographic growth areas like Brazil, Russia, China and Mexico. First Global says it has customers from around the world but currently has a concentration of them in the United Kingdom.
The company’s avowed goal is to support bitcoin as a viable alternative to fiat currency. To do this, First Global Credit seeks to give bitcoin holders the ability to retain their bitcoins for the appreciation value while using them simultaneously as a resource to generate a return.
First Global CEO Gavin Smith commented:
If traders have something they are specifically interested in trading, it is also possible to request that it be added to the trade list. If there is sufficient liquidity and it is available from one of our prime brokers, we will add it to the platform.
Just fourteen months after launch, the company claims to have booked nearly US$2 million worth of stock trades per month on the platform. Other services currently available include Currency Switch which permits the bitcoin collateral to be switch with fiat without closing stock trades.
With head office in Geneva and client services running from London, First Global Credit was founded by risk management veteran Gavin Smith and the head of a financial data security services firm, Marcie Terman.