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E*Trade To Spark Retail Adoption With Rumored Bitcoin (BTC) Trading Feature

Prominent Brokerage To Allow Bitcoin & Ethereum Trading: Sources

A new round of Tether (USDT) and Bitfinex ‘FUD’ may have just swept over the market, but the underlying growth of cryptocurrency hasn’t ceased. According to a recent report from Bloomberg, who cites sources familiar with the following situation, E*Trade Financial Corp, a prominent New York-based trading platform, will soon allow users of its platform to trade Bitcoin (BTC) and Ethereum (ETH). The anonymous source added that if the launch of the two aforementioned assets goes well, E*Trade may consider “adding other currencies in the future.”

The New York Times corroborated this news, which is the latest in a string of positive developments for cryptocurrency infrastructure. In a tweet posted on the subject matter, Nathaniel Popper, the business news outlet’s resident cryptocurrency and fintech specialist, explained that his sources are releasing information similar to that seen in the Bloomberg post. Popper’s insiders did add a tidbit of their own, however, as the reporter did explain that E*Trade is being held by finding a proper third party/custody solution to secure the Bitcoin, Ethereum, and other digital assets purchased and sold.

If this news is true, over five million investors will soon see BTC and ETH tickers appear in their E*Trade portals. Sure, five million is far from the worldwide adoption that some optimists are waiting for with bated breath, but many are adamant that this will spark a hefty amount of renewed interest in cryptocurrencies. As industry commentator Anton Pagi noted, this is “YUGE” and is very likely a piece of “megalithic” news.

TD Ameritrade May Soon Support Crypto Too

While this E*Trade situation is monumental in and of itself, other reports have revealed that TD Ameritrade, another legendary brokerage in the U.S. market, is also looking directly at cryptocurrency.

As we reported earlier, quantitative analyst Cryptopolis explained that after he saw a cryptocurrency pair trading on TD Ameritrade, and then discussed the matter with a support staffer at TD Ameritrade. After that discussion, Cryptopolis came to the conclusion that the institution was likely testing BTC and LTC trading on the paper side, potentially in preparation of launching an actual spot exchange. Funnily enough, this may be the case.

Per The Block, who cited sources familiar with the matter, ErisX, an up-and-coming, Chicago-based cryptocurrency initiative that has recently embarked on a hiring spree, will soon launch its own exchange platform. This is notable, as TD Ameritrade is one of the platform’s strategic partners and investors and is expected to be a bridge between retail investors and ErisX.

It was also explained that according to an internal note from President Peter deSilva, executive Sunayna Tuteja will be taking up the mantle as the Head of Digital Assets, implying that there is a cryptocurrency division in the works/already established.

deSilva claims Tuteja will be responsible for “building a scalable blockchain and crypto practice” through partnerships, investments, and products to “harness the growing power of blockchain.”


Photo by Mark Finn on Unsplash
About author

Nick has been enamored with cryptocurrencies since foraying into the industry in 2013. He has since gotten involved as a reporter, covering news on a number of blockchain- and crypto-related outlets.
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