The past year has ushered in many traditional financial institutions into the cryptocurrency space. As the number of retail and institutional investors increases, more traditional financial institutions are entering the market. For example, Interactive Brokers is planning to venture into the crypto space soon.
Interactive Brokers is working on crypto
Interactive Brokers Chairman Thomas Peterffy has revealed that the company is planning to enter the cryptocurrency market soon. He said this during an interview with CNBC yesterday, confirming that the company is already working on developing cryptocurrency offerings.
Interactive Brokers LLC is a US-based multinational brokerage firm that has been around since 1978. The company operates one of the largest electronic trading platforms in the United States. It brokers stocks, options, futures, EFPs, futures options, forex, bonds, and funds.
However, the cryptocurrency market’s growth over the past year has meant that Interactive Brokers could no longer ignore it. The total cryptocurrency market grew from less than $500 billion a year ago to reach $2 trillion a few weeks ago.
The Chairman Thomas Peterffy was asked if Interactive Brokers is looking into the cryptocurrency market. He confirmed that the company is considering launching its crypto brokerage services in the future. That said, he didn’t state when the brokerage platform will start offering crypto services to its millions of clients.
Interactive brokers could join eToro
If Interactive Brokers enters the cryptocurrency market, it could become one of the leading traditional financial brokers to provide crypto brokerage services. It will join the likes of eToro, TradeStation and Robinhood in offering cryptocurrency brokerage services.