We found an interesting press release from Malaysian Cirro Capital and thought it bore a deeper dive. Great headline and we have had many conversations with anyone who will listen that we believe the wealth management sector needs to figure out how to build cryptocurrencies into their investment platforms.
Haven't seen one do it yet, and then we saw this headline. Hooray, we thought! Sadly, the press release didn't include a link to the firm's website and we've not been able to find the website through search or on LinkedIn, which is just ridiculous. We'll leave it at that. Great idea, and somebody with a decent marketing department who knows how to write a press release and let people find them on the web should be able to clean up in this category at some point in the future. We can only hope.
(Cindy Taylor/Publisher)
"KUALA LUMPUR, Malaysia
,Sept. 30, 2017
/PRNewswire/ -- After the collapse of the global financial system and the series of government bailouts following the sub-prime crisis in 2008, a public cry for innovation in the financial sector led to the birth of the world's first cryptocurrency and the blockchain technology that it is built upon - Bitcoin.
In the years following, we observed a wave of innovative efforts using the blockchain technology, in a frenzied attempt to revolutionize the financial sector. Till date there are more than 900 cryptocurrencies available in the market, led by market leaders such as Bitcoin, Ethereum, Ripple and Litecoin.
Cryptocurrencies have been compared to pyramid schemes and economic bubbles, such as housing market bubbles. Howard Marks of Oaktree Capital Management stated in 2017 that digital currencies were "nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it", and compared them to the Tulip Mania (1637), South Sea Bubble (1720), and Dot-com Bubble (1999). While criticisms coming from market skeptics have been ongoing, private investors and organizations continue to join the frenzy.
The reasons for such public support stems from 2 primary reasons:
1) Technological Oversell: The success of Bitcoin and the few other cryptocurrencies following it has spurred too much media discussion, and with governments secretly rushing to develop their own blockchains, there is a public misconception of this technology being as revolutionary as the creation of the internet itself, leading most to join the arena of cryptocurrency based on nothing but blind faith. Just like we all need to own a mobile phone or Facebook account, now, we all need to put some of our wealth in cryptocurrencies, although we do not really know why.
2) Potential Upside: The volatile markets and continual release of new currencies promising high upsides create a speculative environment that allow short term investors to make a quick buck with the simple actions of buy and sell. This draws a large and easily excitable community into the realm of cryptocurrencies, in an era where everything else seems like a bubble ready to burst.
As such, we see an increasing base of cryptocurrency users, entering the market and picking up all sorts of digital coins, engaging in trade but ultimately locking a portion of wealth in this highly volatile market.
In view of this, a Malaysian-based financial services company, Cirro Capital Limited seeks to make a value offering – to provide a wealth management platform for owners of cryptocurrencies. While cryptocurrency owners comprises of speculators, there are also those who are in the game for the long haul. However, market volatility in the short term could negatively impact the wealth of these owners.
Cirro Capital is an investment and financial services company with a strong team of developers and financial experts. Utilizing these resources, Cirro creates a platform where individual owners of cryptocurrencies may deposit the currencies with Cirro, and Cirro re-invests these currencies into various business projects. The total profits of the asset portfolio is then shared back, also in cryptocurrency form, to the individuals.
In a private interview, CEO of Cirro Capital, Nicholas Chesson revealed, "At Cirro, we target cross region investments, as such projects require the mobility of funds across several monetary jurisdictions. Cryptocurrencies are highly mobile and have minimal transactions costs. By using cryptocurrencies to support the development and implementation of such projects, we ensure minimal costs and maximum profits."
In this age of Fintech and blockchain innovations, Cirro exists to prove that while the frenzy lies in releasing new cryptocurrencies, perhaps the real wealth lies in the application of cryptocurrencies to real commercial projects that affect our direct environment.
SOURCE Cirro Capital Limited"