Cryptocurrency News

Leading US trading platform Interactive Brokers to offer cryptocurrency trading


United States foreign exchange company Interactive Brokers will offer direct cryptocurrency trading to clients within months, a report said.

Speaking At the Piper Sandler Global Exchange & Fintech Conference on June 9, founder Thomas Peterffy revealed that the firm had opted to enter the crypto market.

Demand Fuels Latest Crypto Uptake

Quoted by CNBC, Peterfi indicated that customer demand was a major driver of the decision.

“Customers Are Definitely Asking [crypto trading] And we hope to be ready to offer it to them by the end of the summer,” he said.

Interactive Brokers offers traders a wide variety of assets, including stocks, options, futures, bonds and funds, in addition to currencies, according to its website. As of 2019, its equity value was approximately $8 billion.

The move to crypto will likely feature bitcoin (B T c) First and foremost, with peterfi yet not naming specific tokens.

“As for the odds, the biggest hurdle is how you keep your customers 100% secure,” CNBC additionally quoted him as saying.

“How do you make it 100% sure that no one will steal their coins, despite the fact that they are untraceable. We will learn more about this when they open for business at the end of the summer.”

Bitcoin futures open interest chart. Source: Bybt

Positive press begins to influence price action

The announcement coincides with the latest chapter in the evolution of bitcoin into the mainstream asset class, courtesy of El Salvador leading Legal tender move.

as Cointelegraph Reported, a senior Bloomberg analyst said on Wednesday that bitcoin is no longer “speculative” in nature.

Mike McGlone of Bloomberg Intelligence says BTC/USD is likely to hit $40,000 against $20,000, despite a lot of selling pressure in recent weeks.

After jumping from $31,000 earlier in the week, the pair is up 6% on Wednesday.