Over the past couple of days, bitcoin's price hit a record high, then plunged. For most of us, cryptocurrencies, such as bitcoin, are confusing.
That's where a new Sioux Falls business hopes to help.
"I had been trading cryptocurrencies kind of since the beginning," CoinLion CEO Joshua Dewitt said.
In August Dewitt started his own cryptocurrency company.
"It's like the E-Trade or Charles Schwab of cryptocurrency," Dewitt said.
CoinLion is raising cryptocurrency right now to get the business fully on its feet. When it becomes live next year, it will be a place where you can keep track of your cryptocurrency, get advice, and watch what other people are investing in.
"In a way that you don't have to be technically-minded, as most of cryptocurrency is targeted towards. We're trying to bring this to the rest of the population," CoinLion CTO Justus Luthy said.
The company already has five full-time employees, along with several other part-time workers.
"What we've seen so far is hundreds of users already signing up. We've sold over a million Lion tokens that will be used on the platform once it goes live," Luthy said.
A growing business that is buying into the cryptocurrency craze.
"Ultimately, I see this thing continuing to expand," Dewitt said.
While some financial experts are optimistic about the future of cryptocurrency, others believe Bitcoin is going to crash.
If you would like to learn more information about this growing market, check out this story.
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