The chairman of Interactive Brokers Group Inc said on Wednesday that the company plans to offer trading in cryptocurrencies through its brokerage within the next few months.
Not clear yet which cryptocurrencies will be available to trade
“Customers are certainly asking for crypto trading, and we expect to be ready to offer it to them by the end of the summer,” Interactive Brokers Chairman and CEO Thomas Peterffy said Wednesday at the Piper Sandler Global Exchange & FinTech Conference.
Peterffy did not say which cryptocurrencies would be available to trade, but the New York-based brokerage began offering bitcoin futures in December 2017.
Interactive Brokers offering bitcoin trading will further lower the barrier of entry for investors
Rival brokers Fidelity and Charles Schwab do not offer direct crypto trading on their platforms, but do offer some access to some related funds. However, the stock trading app Robinhood does offer crypto trades. Many consider Interactive Brokers to be a more established broker than Robinhood, so it is worth noting that they are planning to offer crypto trading for their clients.
As of Q1 2021, Interactive Brokers had 1.33 million customer accounts and $330.6 billion in customer funds. With such a large customer base, this means that Interactive Brokers offering bitcoin trading will further lower the barrier of entry for individual investors to access digital assets.