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A major US-based broker company makes a full-scale entry into the virtual currency market = news

Cryptocurrency

Is it a full-scale entry into the virtual currency market?

It has been revealed that the major broker company Interactive Brokers plans to start offering crypto asset (cryptocurrency) trading services on its platform in earnest by the end of this summer. Foreign media such as CNBC reported.

Currently, Bitcoin (BTC) futures are the only virtual currency financial products offered on the company’s platform. Details of the new service, such as the stocks it handles, have not been revealed, but the company’s founder Thomas Peterffy announced on the 9th at the online conference “Global Exchange and FinTech Conference”.

According to the official website, Interactive Brokers was founded in 1977. Based in the United States, it operates an electronic broker business with listed products in 135 markets around the world. As of January 2021, the company’s net assets amounted to 8.1 billion dollars (about 985 billion yen), and it also has offices in Japan. It is a broker company that handles a wide range of stocks, bonds, commodities (commodities), FX, investment trusts, etc.

Peterffy said this time that customers are sure to want to trade cryptocurrencies, suggesting that the motivation for providing the service is increasing customer demand. “We will prepare to provide trading services by the end of summer,” he said.

Some say that the launch of Interactive Brokers, a major company, will lower the bar for individual investors to enter the cryptocurrency market.

Cryptocurrency trading challenges

Meanwhile, Peterffy also mentioned the risks of cryptocurrency trading, noting that “the biggest challenge is how to protect customers.”

He explained that it is difficult to guarantee 100% that no one will steal the customer’s assets. However, he said he would consider measures before the service started.

Regulatory challenges

Charles Schwab, a peer in the industry, was found to be cautious about providing cryptocurrency trading services in April.

Walter Bettinger, CEO of the company, explained that he is “carefully considering the provision of cryptocurrency services such as physical transactions and is paying close attention to market trends.” He said he would not rush into the market until clearer regulations came into force.

Relation: US largest broker Charles Schwab “Cryptocurrency trading service provision depends on regulatory policy”

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Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.