5 million brokerage accounts and $65 billion in funds, brokerage giant E-Trade brought a meeting to the bitcoin industry

After the news of the brokerage company TD Ameritrade testing the BTC spot transaction, it was reported that the trading platform giant E-Trade also joined the action. According to sources, E-Trade is preparing to provide BTC and ETH trading support for its 5 million customers.

Shopping-4000414_1280

Image source: pixabay

E-Trade is catching up with the trend of Bitcoin

According to Bloomberg News, an anonymous source said that E-Trade will only offer Bitcoin and Ethereum transactions in the initial stage. However, there may be more cryptocurrencies added in the future. Bitcoin author Nathaniel Popper posted the news on Twitter earlier that day.

“After TD Ameritrade quietly opened Bitcoin transactions for some of its customers, I just learned that eTrade is preparing to offer Bitcoin and Ethernet services to its 5 million customers, and is finalizing a third party to actually hold Bitcoin. — Nathaniel Popper (@nathanielpopper) April 26, 2019”

According to Popper, E-Trade is only able to finalize the hosting service to prepare cryptocurrency trading services for customers. If confirmed, E-Trade will become one of the largest brokers to integrate cryptocurrency transactions.

TD Ameritrade plans bitcoin spot trading

Earlier this week, Te Ameritrade appears to be testing BTC and LTC spot trading on Nasdaq through its brokerage platform. In addition, the company has provided bitcoin futures trading services.

Popper's comments also indicate that bitcoin transactions have been introduced to certain TD Ameritrade customers, albeit on their "paper trading" simulator platform. However, a tweet on the company's Twitter account gives an official response:

“Currently, we offer bitcoin futures. We always evaluate new products and services based on customer feedback. Thank you very much for your attention, please stay tuned for our latest news.”

So there is no official news, but please continue to pay attention…

Open the gate for institutional investors

Even talking about mainstream institutions like E-Trade and TD Ameritrade considering cryptocurrency trading is very positive for Bitcoin. If one or both of them publish any official statement confirming that Bitcoin transactions will be offered, the cryptocurrency may be further legalized in the eyes of discreet investors.

With approximately 5 million brokerage accounts and over $65 billion in assets, E-Trade's BTC and ETH trading capabilities will greatly facilitate the popularity of cryptocurrencies.

With an institutional-level spot trading solution, it will complement the upcoming institutional futures and hosting platforms of companies such as Fidelity Investments and Intercontinental Exchange (ICE).

Many expect institutional investment to enter this year as early as this, which will push Bitcoin and other cryptocurrency prices to new highs.