The company will first add Bitcoin and Ethereum, and then will consider adding other cryptocurrencies later down the line, the source said. Bloomberg contacted the brokerage, but a representative declined to comment on the matter.
E*Trade adding Bitcoin and Ethereum would make it one of the largest brokerages in the world
If this rumour is found to be true, it would mean that E*Trade would be one of the largest brokerages to launch cryptocurrency trading in the world. The brokerage will come into a highly competitive market with the likes of Coinbase and Robinhood – Coinbase, with a valuation of $8 billion USD and sales of $1.3 billion, and Robinhood with a $5.6 billion valuation.
In 2018, the crypto exchange Robinhood even overtook E*Trade in the amount of user trading accounts the platforms respectively had open. While this was short lived, it showed to the traditional financial markets that cryptocurrency was garnering widespread adoption, even during the bear market of 2018.
The worldwide cryptocurrency market would benefit greatly from E*Trade adding crypto trading options
The addition of cryptocurrency trading to E*Trade could mean a massive boost to the worldwide cryptocurrency market, with mass adoption becoming more and more likely with every event like this which happens.
In a previous article, 21CRYPTOS wrote about the rumour that NASDAQ was experimenting with trading cryptocurrency as well – having a secret trading pair labelled CXERX, which followed bitcoin’s price against the US dollar.
There will likely come a tipping point where the number of brokerages offering cryptocurrency trading will boom massively. It will be more a question of keeping up with rival companies, as opposed to entering a new market for the sake of experimentation.
Competition is strong in the financial world, and when that tipping point is reached, the cryptocurrency industry is likely to see a massive expansion akin to the 2017 bull run that saw bitcoin reach an amazing $20,000 per coin. It may even far exceed that, as some analysts and influencers speculate.
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