Morgan Stanley owned E-TRADE is considering adding cryptocurrency trading to its stock and options offerings, according to a report by The Information. The bank spent $13 billion to acquire the broker and its 5.2 million customer accounts in 2020.
With the incoming Trump administration adopting a more crypto friendly approach, E-TRADE isn’t the only large U.S. retail broker exploring client trading. Schwab is also mulling a crypto service, as previously reported by Bloomberg in November. But other competitors are ahead of the game.
Fidelity launched Fidelity Digital Assets in 2018 and supports retail investors through Fidelity Crypto. It currently provides direct access to Bitcoin and Ethereum, which are considered commodities and the spot market for commodities does not require a registration.
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