New York Times reporter Nathaniel Popper said on Twitter recently that eTrade, a large financial asset and stock exchange in the United States, is preparing to provide Bitcoin and Ethereum trading services to 5 million users.
“After TD Ameritrade quietly opened Bitcoin transactions for some customers, people familiar with the matter told me that eTrade is preparing to start offering Bitcoin and Ethereum transactions to its 5 million customers, and will immediately confirm the cooperating third parties to properly keep the cryptocurrency.”
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Earlier, according to The Block, TD Ameritrade, the second largest online brokerage firm in the US, is experimenting with the cryptographic exchange ErisX to provide cryptocurrency trading services to its 11 million users. A spokesperson for ErisX said:
“Testing is a must-have for us and our customers, and we want to create the most robust and transparent market for digital assets.”
Increase the mobility of Bitcoin and Ethereum
In the past decade, the encryption market has been affected by the problem of fraudulent trading volume. Many major markets, such as South Korea, are still struggling to cope with artificially increased transaction volume values, which are designed to give platforms a higher ranking in market data platforms such as CoinMarketCap to increase visibility.
Bitwise pointed out in a report to the US Securities and Exchange Commission (SEC) that about 95% of the cryptocurrency market is false or inflated, and only 10 cryptocurrency exchanges record more than $1 million in actual transactions. .
Since the launch of the Chicago Mercantile Exchange (CME) bitcoin futures market in 2017, the potential impact of the futures market on bitcoin prices and liquidity has been overshadowed by the market, as futures trading volume is compared to the inflated data in the cryptocurrency market. The number is very small. However, when compared to the actual trading volume calculated by Bitwise and Messari, the CME bitcoin futures market sometimes accounts for more than half of the total trading volume of Bitcoin. For example, on April 4, Bloomberg reported that the daily trading volume of the CME bitcoin futures market was $546 million, easily surpassing the daily average spot trading volume in March ($270 million based on Bitwise's calculation).
While eTrade and TD Ameritrade are still in the experimental stage, two large trading platforms may indeed integrate cryptographic assets such as Bitcoin and Ethereum, which may result in a significant increase in the actual transaction volume of Bitcoin in a strictly regulated and transparent environment. Improve the liquidity of assets.
Giants’ interest in cryptocurrencies increases
Earlier this week, Samsung invested in Ledger, a French-based cryptocurrency hardware wallet maker, to enter the cryptocurrency market. The previous week, Samsung Ventures also invested in ZenGo, a startup that is committed to providing users with a private key wallet. Strategically speaking, Samsung’s investment in wallet companies is wise. It is reported that Samsung is developing ERC20 tokens based on the Ethereum network.
In addition to Samsung, giants like Facebook are also creating their own cryptocurrencies, and JPMorgan Chase has launched JPM Coin, which indicates that large financial and technology companies have increased their interest in the cryptocurrency industry.
More and more large enterprise groups are involved in infrastructure construction to support cryptocurrency as an asset class, which means that the cryptocurrency market is maturing.
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