Interactive Brokers will begin buying and selling cryptocurrencies on the finish of summer time, CEO reveals

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Interactive Brokers will add cryptocurrency trading to its platform by the end of summer, CEO Thomas Peterffy announced. The platform had approximately 1.33 million customer accounts and $ 330.6 billion in customer capital in the first quarter.

Interactive Brokers offers cryptocurrency trading

Interactive Brokers (Nasdaq: IBKR) chairman and CEO Thomas Peterffy said at the Piper Sandler Global Exchange & Fintech Conference on Wednesday that his company will offer direct trading in cryptocurrencies. Peterffy was quoted by the media as saying:

Customers are sure to ask [crypto trading] and we expect to be able to offer them by the end of summer.

The platform had approximately 1.33 million customer accounts and $ 330.6 billion in customer capital in the first quarter. Customers from over 200 countries and territories invest globally in stocks, options, futures, currencies, bonds and funds through a single integrated Interactive Brokers account.

Commenting on the introduction of cryptocurrency trading, the CEO said, “When it comes to hurdles, the biggest hurdle is how to 100% protect your customers. How do you make 100% sure that nobody steals your coins even though they cannot be found. We will find out more about this when we start operations at the end of summer. “

Other major brokers like Fidelity and Charles Schwab don’t currently offer direct crypto trading on their platforms, but some do offer access to some crypto-related funds. In the meantime, stock trading apps like Robinhood offer cryptocurrency trading.

Interactive Brokers currently offers a variety of cryptocurrency-related investments, but not direct crypto trading. Products offered include the products of Grayscale Investments: the Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic Trust, Litecoin Trust and the Digital Large Cap Fund.

The platform also features XBT provider Bitcoin Tracker One and XBT provider Ethereum. It also offers a number of indices: the NYSE Bitcoin Index, the Gemini Bitcoin Trace Price Index, the CME Bitcoin Reference Rate Index, and the CME Bitcoin Real Time Index. In terms of cryptocurrency futures, the platform offers the Gemini Bitcoin Trace Price Futures, CME Bitcoin Reference Rate Futures, CME Ether Dollar Reference Rate Futures, and Bakkt Bitcoin Futures.

What do you think of Interactive Brokers introducing cryptocurrency trading? Let us know in the comment section below.

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