Trading Solutions Firm “Interactive Brokers” Aims to Offer Crypto

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  • One of the world’s leading brokerage companies, Interactive Brokers, plans to offer crypto to its 1.33 million users by the end of summer.
  • According to CEO Thomas Peterffy, the company’s “customers are certainly asking for crypto trading.”
  • Thomas Peterffy is aware of the security issues associated with the crypto market.

Interactive Brokers Group Inc is expected to adopt crypto by the end of summer 2021. Bearing in mind that the company has 1.33 million registered clients and more than $330 billion in customer equity, the news, of course, is bullish for the crypto industry.

According to an announcement made at the Piper Sandler Global Exchange & FinTech Conference on Wednesday, the leading trading solutions firm aims to begin offering cryptocurrency trading through its brokerage within a couple of months.

Speaking on this update, CEO Thomas Peterffy stated:

Customers certainly are asking for [crypto trading] and we expect to be ready to offer it to them by the end of the summer.

Nevertheless, Interactive’s primary rivals including Fidelity and Charles Schwab, as of now, do not allow crypto trading. Instead, these brokerage firms offer access to cryptocurrency ETFs. Though, the popular stock trading app Robinhood does allow crypto trades.

While Interactive Brokers offering crypto trading is greatly acknowledged, the firm is receiving alerts regarding this unregulated market. However, it seems that they have already considered every aspect of this act.

“As for hurdles, the greatest hurdle is how do you keep your customers 100% safe. How do you make it 100% sure that no one will steal their coins in spite of the fact that they are untraceable? We will find out more about this when we open for business at the end of the summer,” Interactive Brokers CEO said during the announcement, addressing the possible concerns of its customers.

Is Crypto Ready for Another Rally?

It has been quite a positive week for the crypto market so far, especially for Bitcoin. First, there came the news from Microstrategy that it plans to purchase more Bitcoin — even if it comes at the cost of borrowing money.

Then, yesterday, El Salvador’s legislative assembly voted on the proposal from President Nayib Bukele and accepted Bitcoin as a legal currency. So, currently, Bitcoin has the same status as fiat currency.

Now, one of the world’s leading brokerage companies is offering crypto to its 1.33 million customers. It seems like crypto, in particular Bitcoin, is warming up for another rally. Though, it remains to be seen when will this rally begin and how far will it extend.