$10T Morgan Stanley’s E*TRADE Completes Rollout of Spot Bitcoin, Ethereum, Solana Trading
Highlights
- All E*TRADE's eligible clients can now buy BTC, ETH, and SOL through a linked Zerohash account.
- The Morgan Stanley brokerage firm is charging 50 bps on each trade.
- The complete rollout follows the initial launch of the pilot program in May.
Morgan Stanley’s brokerage firm, E*TRADE, has completed the rollout of its spot crypto trading offering following an initial pilot earlier this year. This comes as the Wall Street giant continues to deepen its push into the crypto space, with the imminent launch of two new crypto ETFs.
Morgan Stanley Completes Rollout of Spot BTC, ETH, SOL Trading
In a press release, E*TRADE announced that it had completed the rollout of spot trading in digital assets. Its eligible clients will now be able to trade Bitcoin, Ethereum, and Solana directly on its platform through its partnership with Zerohash.
The Morgan Stanley brokerage firm will charge a fee of 50 bps on each trade as its clients buy, sell, and hold crypto in a linked Zerohash account. The firm added that it expects to launch transfer functionality later this year.
The full rollout of spot crypto trading on the E*TRADE platform follows the initial pilot program in May. Meanwhile, it is worth noting that the firm had first announced plans to offer spot crypto trading last year.
This move deepens Morgan Stanley’s push into the crypto space. As CoinGape reported, Morgan Stanley Ethereum and Solana ETFs are nearing launch after the bank filed amended S-1 filings. The bank became the first to offer a crypto ETF after it launched its Bitcoin ETF earlier this year. The BTC Fund currently boasts net assets of $384 million, according to SoSoValue data.
Plans For The National Trust Bank
E*TRADE stated that its crypto services will transition to Morgan Stanley’s national trust bank, Morgan Stanley Digital Trust. The firm made this note in relation to launching the transfer functionality later this year.
Earlier this year, Morgan Stanley applied for a crypto-focused national trust bank with the OCC, joining crypto firms such as Ripple, Crypto.com, and Coinbase that have also applied for trust charters. However, it is worth noting that firms such as Ripple have already received conditional approvals.
Meanwhile, USDC issuer Circle recently received approval from the OCC to launch its national crypto bank. Like Ripple, the stablecoin issuer had received conditional approval last year, alongside BitGo, Fidelity, and Paxos.
Please check out our page on Best Regulated Crypto Exchanges in the USA
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