E*Trade Financial Group and TA Ameritrade, one of the largest online platforms for trading securities, has decided to include cryptocurrencies to its portfolio as reported by sources.
E*trade is adding two new portfolios to list, Bitcoin and Ethereum while TA Ameritrade is testing crypto-assets like Litecoin on its platform. This is the first for the trading portals to get into cryptocurrencies.
E*trade Financial Corporation is a US-based online trading platform that is ranked amongst the highest services providers. Reportedly, it will be adding more cryptocurrencies shorty as well as reported by the source. However, the spokesperson for the company denied making any formal comments on the matter.
E*TRADE Financial market cap as of April 25, 2019, is $12.3 billion. Moreover, Coinbase reached a valuation of $8 billion in 2018 with a projected sales of $1.3 billion. Hence, there is a lot of trading volume that trusted, regulated entities can attract by implementing cryptocurrency trading on their platforms.
E*Trade also provides services for employee stock ownership plan, advisory services, margin lending, online banking, and cash management. Blockchain and cryptocurrency projects have built many applications and platforms to support seamless, transparent, and secure execution of all the services mentioned above. Hence, E*Trade can benefit considerably from the reduction in operational and transaction cost with early adoption.
The number one online trading app in the US under NASDAQ, TA Ameritrade is also considering enabling cryptocurrency trading on its platform. Charlie Lee, on the lead developers of Litecoin [LTC] and proponent of Bitcoin [BTC], tweeted about the tests conducted on the online platform.
Just saw that TD Ameritrade is testing both BTC and LTC trading on its brokerage platform. 😲 🚀 pic.twitter.com/TVo39oECeH
— Charlie Lee [LTC⚡] (@SatoshiLite) April 23, 2019
Do you think that inclusion like these would essentially by-pass the SEC’s approval for trading? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com