'Bad things could happen': Turning to tech to tame the crypto jungle

LONDON:"Hi guys, could you please show me a firm bid for 100 bitcoin?" a seller texts on Skype.Two minutes later:"Sorry guys, that was an old order from Friday when skype wasn't working."

But the opaqueness of the messaging process and its impracticality for use on a large scale, plus the glitches that could cause the"expensive mistake" warned of by Fruhman, have left it fraught with risk. The changes are likely to appeal to larger investors using algorithms and high-frequency trading for whom split-second timings are important, according to the interviews with cryptocurrency OTC brokers, market makers and investors.

Miners use computers to solve complex mathematical puzzles, competing against others and earning rewards in the form of new digital coins. As recently as a few years ago, individual crypto enthusiasts could mine bitcoin from their bedrooms. The startup, BCB Group, then based in London's financial district, offered something the Fruhmans lacked: regular access to clients from mainstream finance willing and able to buy the regular supply of digital coin offered by their mining contacts.

Now, said the industry players who spoke to Reuters, the market is seeing a new shift as the predominance of messaging apps wanes and the more sophisticated tools used in traditional markets like equities and bonds become increasingly common.

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