A clear testament of the growing power of the crypto world is the ever intensifying race of traditional financial companies to extend their operations to include cryptocurrency trading into the fold. Joining the league is a leading American securities brokerage firm, E-Trade that is all set to support Ether and Bitcoin trading on its digital platform. As reported by Bloomberg, the platform is set to open doors for 5 million customers looking to trade in cryptocurrencies and has also upgraded its platform to compete with rivals.
E-Trade will also store their customers’ private keys with the help of a third party much like its counterparts. This practice of securing the customer’s digital assets in a cold storage is widespread and has also been met with some hostility with Bitcoin “HODL”ers. However, experts believe that the number of day traders E-Trade will bring with it would increase the momentum and liquidity of the crypto market.
Cryptosphere: The Millennial Hot Bed
While crypto trading platforms aim to include people of all ages under their wing, it is mostly the millennials who have been actively investing in the field with 43% of them favouring cryptocurrencies over the stock market. Realizing this aspect, E-Trade plans to target the millennial trading market and reap benefits off it.
Growing Interest in the Crypto Trading Sphere
Crypto trading giants like Coinbase have long been reaping the benefits of the burgeoning field while simultaneously contributing to its growth. Moreover, many stock broking firms have been eagerly entering the cryptosphere in the past few years, like Robinhood and TD Ameritrade.
Interestingly, Robinhood had recently filed a bank charter in a bid to open a crypto-friendly bank keeping in sync with their aim of cryptocurrency popularization. Now, with E-Trade entering the sphere the competition is bound to intensify manifold and the firm is ready for it.