Interactive Brokers Will Deliver Cryptocurrency Trading

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In late summer 2021, Interactive Brokers clients will be able to trade cryptocurrencies on the broker’s platform. Reported by CNBC.

 

“We have been asked about this, and we will fulfill this wish by the end of the summer,” said the head of the company, Thomas Peterffy.

 

The broker currently offers Bitcoin futures trading on CME.

CNBC sees the initiative as lowering the entry threshold into the cryptocurrency market for retail investors. The move will also increase competition for Bitcoin exchange Coinbase.

The publication notes the risks of a new direction for the broker due to the status of the coins, which is uncertain from the position of the regulator.

According to Peterffy, the challenge for the company will be to ensure 100% safety of clients’ assets.

As of the end of the first quarter of 2021, 1.33 million investors had opened accounts with Interactive Brokers, entrusting a total of $ 330.6 billion to the broker.

Earlier, Coinbase co-founder and head Brian Armstrong questioned cutting trading fees even in the medium term.

In May, Goldman Sachs analysts issued a buy recommendation for the securities of the largest US bitcoin exchange. According to their calculations, the target price of the shares is $ 306 (by the end of trading on June 8, quotes closed at $ 220.66).

New Constructs CEO David Trainer allowed Coinbase margins to drop 98% as competition intensified. The specialist estimated the fair capitalization level of the cryptocurrency exchange at $ 18.9 billion. Messari experts estimated this figure at $ 28 billion.

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