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E*Trade is reportedly ramping up to offer cryptocurrency trading services on its online trading platform.
Online trading firm E*Trade Financial Group is preparing to offer cryptocurrency trading on its platform, sources familiar with the matter told Bloomberg on April 26.
E*Trade will reportedly begin by offering bitcoin (BTC) and ether (ETH) after which it will add other cryptocurrencies.
As one of the largest online trading platforms, E*Trade offering cryptocurrency trading could represent a significant step forward for cryptocurrency adoption. Per the firm’s annual report filed with the United States Securities and Exchange Commission (SEC) on Dec. 31, 2018, E*Trade had 4.9 million brokerage accounts and a total margin receivables balance of $9.6 billion. The firm's total assets are over $65 billion.
Should E*Trade offer cryptocurrency trading, it would join other online securities trading platforms like Robinhood, which have also stepped into the cryptocurrency space. In May 2018, Robinhood briefly overtook E*Trade in the number of trading accounts on the platform. At that time, Robinhood co-founder Baiju Bhatt said:
“Crypto has certainly added to our growth. In the next couple of years, I think you’ll see Robinhood looking like a full-service consumer finance company.”
Some analysts have recently said that cryptocurrency represents a sound long-term investment for institutional investors. Cambridge Associates, which specializes in pension and endowment consultancy, wrote:
“Despite the challenges, we believe that it is worthwhile for investors to begin exploring this area today with an eye toward the long term. Though these investments entail a high degree of risk, some may very well upend the digital world.’’
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.