ETrade reportedly going to launch crypto trading support
The online stock trading platform is considering a move into cryptocurrencies
According to a report in Bloomberg last Friday, the online conventional trading platform ETrade Financial Corp. is apparently considering getting into cryptocurrencies. The news outlet quoted several people close to the company that indicated that ETrade is looking at offering support for the buying and selling of Bitcoin (BTC), Ether (ETH) and other digital currencies. For its part, however, ETrade has yet to offer an official position.
ETrade first launched in 1982 and was one of the very first companies to offer online stockbroker services when it launched its online trading desk in the late 1990s. The company reportedly now has as many as five million customers, up from the 3.7 million seen in May of last year.
If ETrade does decide to step into the fray, it won’t be the only conventional trading company to have started to offer crypto trading services. Robinhood Financial, which is a popular trading platform with millennials, launched a crypto trading platform last year and, this past January, received a BitLicense from the New York Department of Financial Services. TD Ameritrade is another to have adopted crypto trading, investing in a crypto exchange last November. Only a few days ago, it launched its own crypto division and is expected to soon offer BTC support. Lastly, eToro launched crypto trading support in the US last month.
There is a lot of competition already and ETrade’s entry is only going to make things tighter. According to a senior analyst with CB Insights, Arieh Levi, “It’s a pretty saturated market in terms of crypto trading. I’m not sure there will be too much demand as the existing players will likely stick to the platforms they already use.”