CEO Thomas Peterfi has revealed that Interactive Brokers will be adding cryptocurrency trading to its platform by the end of the summer. The platform had approximately 1.33 million customer accounts and $330.6 billion in customer equity in the first quarter.
Interactive Brokers to offer cryptocurrency trading
Interactive Brokers (Nasdaq: IBKR) President and CEO, Thomas Peterffy, told the Piper Sandler Global Exchange & Fintech Conference on Wednesday that his company will begin offering direct cryptocurrency trading. Peterffy was quoted by the media as saying:
Customers Are Definitely Asking [crypto trading] And we hope to be ready to offer it to them by the end of the summer.
The platform had approximately 1.33 million customer accounts and $330.6 billion in customer equity in the first quarter. Clients from over 200 countries and territories invest globally in stocks, options, futures, currencies, bonds and funds from a single integrated Interactive Brokers account.
The CEO further commented on the launch of cryptocurrency trading: “As for the odds, the biggest hurdle is how you keep your customers 100% safe. How do you make it 100% sure that no one will steal their coins, this Despite the fact that they are untraceable. We’ll know more about it when they open for business at the end of the summer.”
Other major brokers, such as Fidelity and Charles Schwab, do not currently offer direct crypto trading on their platforms, but do provide access to certain crypto-related funds. Meanwhile, stock trading apps, such as Robinhood, offer cryptocurrency trading.
Interactive Brokers currently offers a variety of cryptocurrency-related investments, but not direct crypto trading. Among the products offered are Grayscale Investments’ products: Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic Trust, Litecoin Trust and Digital Large Cap Fund.
The platform also offers XBT provider Bitcoin Tracker One and XBT provider Ethereum. It also offers several indices: NYSE Bitcoin Index, Gemini Bitcoin Trace Price Index, CME Bitcoin Reference Rate Index and CME Bitcoin Real Time Index. For cryptocurrency futures, the platform offers Gemini Bitcoin Trace Price Futures, CME Bitcoin Reference Rate Futures, CME Ether Dollar Reference Rate Futures and Bakkt Bitcoin Futures.
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