The Financial Times Adds a Cryptofinance Section and Newsletter
Cryptocurrency, defined as “an encrypted data string that denotes a unit of currency” that is “monitored and organized by a peer-to-peer network called a blockchain, which also serves as a secure ledger of transactions, e.g., buying, selling, and transferring,” is a relatively new form of currency that has people wondering and talking. Despite the first cryptocurrency appearing as far back as 1983, developments in technology have made it a more pressing issue for people wondering how to use crypto to prepare for their financial futures.
In order to meet the demand of curiosity, The Financial Times has released a new section to help its readers understand the currency more. The section includes current events in the crypto space, alongside a handy glossary for newcomers, and profiles of the biggest crypto-traders in society. Already, FT has seen an uptick in engagement in its newsletters about crypto: 45 percent of recipients are opening the newsletter, a 15 percent increase from pre-crypto newsletters. "FT readers are deeply interested in cryptofinance as a topic," said Adam Samson, market news editor of FT.
The crypto landscape changes rapidly, thus making for an astounding amount of content for the FT to publish. For example, Bitcoin, the best known and oldest surviving cryptocurrency, fell by over $2 trillion in value last autumn. This left average buyers—one in five people in the United Kingdom alone—at a major loss for any investments in Bitcoin made since 2017, when the market began steadily rising.
The site also contains comprehensive dashboards to keep track of crypto trends. This tool is useful not only for the average buyer to understand what point in the growth (or decline) of crypto they are stepping into the market on, but also for market commentators and journalists to have an overall picture of the health of the crypto industry.
Moreover, the site is trying to break down stereotypes and fears surrounding cryptocurrency, and attempting to give it context within the larger financial world, so Samson says:
"Our focus is also very much on original news, analysis and commentary that gives FT readers a depth of understanding of what’s happening under the surface of the market, which is something that’s difficult to find elsewhere.”
"I also think we provide a lot of value helping readers understand how the crypto industry intersects [or] interacts with the broader world of traditional finance - it's not only about what happens under the surface, but what impact these developments have on other industries."
If successful in the long term, this toolbox for understanding crypto could become a mainstay in other financial publications, such as The Wall Street Journal, though it’s too early to know how crypto will evolve or change. As it does evolve and change, however, the Financial Times will have it covered, and readers will thank them for it.
