ETrade Financial Corp. is in the altcoin news today for its recent announcement, showing that it is getting ready to let customers trade cryptocurrencies directly on its platform. According to a person familiar with the matter, crypto trading on ETrade will see the brokerage giant offering Bitcoin and Ethereum trades in the beginning.
The service is meant to compete with startups such as Coinbase and Robinhood. As it announced, there will be more cryptocurrencies being added in the future – and the main aim of the crypto trading on ETrade is to provide users a platform similar to some of the best ones right now.
Even though the person commenting about the crypto trading on ETrade decided to remain anonymous because this manner is private, his comments in the latest cryptocurrency news noted that this could easily make ETrade one of the largest securities brokerages to allow crypto trading. With this, the company will enter into a competitive market with startups such as Coinbase Inc. which have made the names for themselves as the go-to places for cryptocurrency trading.
While Coinbase has reached a valuation of $8 billion in 2019 and projected sales of $1.3 billion, the fintech startup Robinhood was recently valued at .
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6 billion and has also added cryptocurrency trading for its millennial customers. The crypto trading on ETrade is definitely looking to mimic these moves and provide a solid ground for traders to safely swap between fiat currencies, Bitcoin, Ethereum as well as other cryptocurrencies in the future.
On another note, the arrival of the crypto trading on ETrade could also help and give a push in the legitimization of the cryptocurrency trading for wary investors, as many best cryptocurrency sites reported. This comes perfectly on time considering the entire Bitfinex withdrawal exodus which sent the Bitcoin price tumbling.
Even though Bitcoin has managed to retrace a bit, it has failed to rise back to the levels which it hit at the end of 2017 when it surged to $20,000. The crypto trading on ETrade is long expected by many users because of this push and the new initiative that it could trigger.
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