E*Trade Planning to Introduce Crypto Trading Services

Crypto offerings by the securities brokerages might boost the slumping industry.

Retail brokerage firm E*Trade is planning to introduce cryptocurrency trading services on its platform, according to a Bloomberg report.

In the initial phase, E*Trade is considering to introduce only Bitcoin and Ethereum trading services, however, it has plans of adding other digital currencies in the future.

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This might be a massive breakthrough for crypto as the New York-headquartered company is one of the largest securities brokerages with around 5 million customers, as reported by the firm in its annual report filed with the Securities and Exchange Services (SEC) in December.

Impressive quarterly results

The company’s business is also booming as its profits surged 17 percent in the last quarter with an addition of 135,000 new brokerage accounts on a net basis, as per The Wall Street Journal.

E*Trade is not the only securities brokerage to jump in the crypto trading space as its market competitor Robinhood is already offering crypto trading services in the US market. The company launched the crypto-based services in February 2018 when the market was gearing for a slump. However, its commission-free business model attracted a huge number of traders on the platform which boosted its valuation to $5.6 billion.

Earlier this year, Robinhood received BitLicense from the regulators of the state of New York to expand its trading services with a digital coin in the state.

Apart from E*Trade, TD Ameritrade is also working with crypto exchange ErisX to bring spot trading services for digital currencies, The Block reported recently. The Omaha-based brokerage company has 11 million clients on its platform.

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