E-Trade, a reputable and well establish U.S based financial trading platform is allegedly preparing to support Bitcoin and ETH trading. This will translate to its 5 million customers getting exposed to the crypto market.
E-Trade Will Start With BTC and ETH Trading
A source close to the platform has anonymously revealed that the firm would initially offer just Bitcoin and Ethereum trading. The platform is expected to add more cryptos as time goes on and depending on the success of the endeavour.
Popular Bitcoin author, Nathaniel Popper, also made some tweet as regards the recent development. In his tweet, Popper stated that:
“In the wake of TD Ameritrade quietly opening Bitcoin trading for some of its customers, I was just told that eTrade is preparing to begin offering both Bitcoin and Ether trading to its 5 million or so customers and is just finalizing the third party to actually hold the coins.”
Furthermore, Popper made it known that E-Trade has only to finalize a custodian service before the finished product is ready for customers. Upon adding the crypto trading feature to its platform, E-Trade would be one of the largest securities brokers to integrate crypto-trading.
This will bring it to the level of establishing crypto firms like Coinbase, which was recently valued at $8 billion. Another notable completion will be Robinhood, which also received a valuation of $5.6 billion recently and is one of the few platforms which allows its users to buy and sell cryptos without paying fees.
A Major Boost For the Crypto Industry
Going by E-Trade’s large user base and reputation, adding crypto to its list of available financial instrument is a perfect way to “legitimize” cryptocurrency trading and further bring in more investors, who are still worried about how volatile the market is and the current bear market which saw the price of bitcoin move from and high of $20,000 in 2017 to a low of $3,200.