According to a report on Bloomberg date April 26, sources familiar with the matter said that E*Trade (online trading financial group) is griding to offer trading of cryptocurrency on its platform. As per reports. E*Trade will start by providing BTC (bitcoin) and ETH (ether) and then eventually add all other cryptocurrencies.
E*Trade is one of the largest online trading platforms and has the potential of offering crypto trading which could necessarily represent a significant step forward for the adoption of cryptocurrency.
According to the company’s annual report filed with the SEC ( United States Securities and Exchange Commission) as of December 31, 2018, The firm has a total of 4.9 million brokerage accounts and margin receivable balance of $9.6 billion. As per reports, the firm’s total assets are worth more than $65 billion.
Once E*Trade begins cryptocurrency trading, it would join various online security trading platforms such as Robinhood, which has also put its feet in the cryptoverse. In the month of May’ 2018, Robinhood for a short while took overtook E*Trade in terms of several trading accounts on the platform.
Back then, the co-founder of Robinhood, 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.”
According to some analysts. Cryptocurrency essentially represents a long term and a substantial investment for institutional investors. According to Cambridge Associates, who master in consultancy (pension and endowment), “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.’’