E-Trade One-Ups Rival, Readies Launch or Bitcoin Trading to Millions
We know this guy's going to be happy about the news:
Competition Among Crypto Trading Platforms Heats Up
The traditional Wall Street firm enters a crowded field of early movers in the crypto trading space, including leaders such as Coinbase and Square's Cash App.
Nathaniel Popper, a tech journalist at The New York Times, was also tipped to the development. It was the move that came after TD Ameritrade began to quietly offer bitcoin trading for select customers:
In the wake of TD Ameritrade quietly opening Bitcoin trading for some of its customers, I was just told that eTrade is preparing to begin offering both Bitcoin and Ether trading to its 5 million or so customers and is just finalizing a third party to actually hold the coins.
̵[ads1]1; Nathaniel Popper (@nathanielpopper) April 26, 2019
E-Trade will also go head-to-head with commission-free stock trading app Robinhood. The finance "outlaw" app is a favorite among millennials for its ease of use and zero brokerage fees.
Robinhood briefly oversaw E-Trade based on the number of trading accounts in May 2018. E-Trade apparently has not forgotten.
No doubt the appeal of cryptocurrency to the younger generation was a major draw for Robinhood's already millennial-friendly platform. Robinhood recently secured the coveted BitLicense to operate in New York, as did Bitstamp.
In fact, 43% of millennials say they trust cryptocurrencies more than the stock market. Meanwhile, 25% of millennials are already using or saving crypto assets.
Unleashing e-commerce 5 Million Customers
Reports suggest that E * trade is "unleashing" crypto onto its customers.
An entire industry has grown around the need to secure private keys in cold storage hardware wallets. But an onslaught of E-Trade day traders will clearly infuse the market with massive amounts of liquidity and velocity.
