By : E-Trade is about to offer and ether , bolstering its securities platform for 5 million , a source familiar with the matter Friday. The securities brokerage firm appears to be taking the approach that ‘if you build it, they will come.’ That plus their rivals are doing it.
We know this guy’s going to be happy about the :
Competition Among Crypto Trading Platforms Heats Up
The traditional Wall Street firm enters a crowded field of early movers in the crypto space, including leaders such as and Square’s Cash App.
Nathaniel Popper, a tech journalist at The New York Times, was also tipped to the development. He points out that the move comes after TD Ameritrade began to quietly offer for select :
In the wake of TD Ameritrade quietly opening for some of its , I was just told that eTrade is preparing to begin offering both and Ether to its 5 million or so and is just finalizing a third party to actually hold the coins.
— Nathaniel Popper (@nathanielpopper)
E-Trade will also go head-to-head with commission-free stock app . The finance “outlaw” app is a favorite for its ease of use and zero brokerage fees.
Robinhood briefly overtook E-Trade based on the number of accounts in May 2018. E-Trade apparently hasn’t forgotten.
No doubt the appeal of to the younger generation was a major draw for Robinhood’s already millennial-friendly platform. Robinhood recently secured the coveted BitLicense to operate in New York, as did Bitstamp.
E-Trade stands to capture a good chunk of the millennial trader market share by adding digital currencies. In fact, 43% of millennials more than the stock market. Meanwhile, using or saving crypto assets.
Unleashing E-Trade’s 5 Million Customers
that E*Trade is “unleashing” crypto onto its . Truth is, the company is really unleashing its 5 million accounts onto the and markets.
Like Cash App or , E-Trade who purchase will not be given the private keys to their own coins.
E-Trade is reportedly finalizing talks with a third party for digital asset custodial services of customer accounts. This, no doubt, is not an optimal service for “hodlers” or those looking to save large amounts of and ether for the future. They will prefer to have the private keys in their own possession.
has grown around the need to secure private keys in cold storage hardware wallets. But an onslaught of E-Trade day traders will clearly infuse the market with massive amounts of liquidity and velocity.
Day traders love markets with the precise characteristics of crypto, including volatility.
Published at Sat, 27 Apr 2019 17:09:31 +0000
