According to recent reports, online trading company E*Trade Financial Group is planning to start offering crypto trading on its platform. The sources have stated that the company will start by offering only Bitcoin (BTC) and Ethereum (ETH), while additional coins and tokens might appear in due time.
Considering the size and popularity of E*Trade, it is immediately clear that this would be a big move in the right direction for cryptocurrencies. Not only will they get additional exposure, but the very support from one of the largest online trading platforms is bound to awaken interest in new investors.
According to E*Trade’s annual report, filed on December 31st, the company has around 4.9 million accounts. Meanwhile, its total margin receivables balance was at $9.6 billion, at the time of the report. However, even this amount pales in comparison with the company’s total assets, which account to more than $65 billion.
The importance of offering cryptos on E*Trade
Cryptocurrencies’ arrival on E*Trade is more important than it might seem at first. On the surface, a single, albeit large, the platform will start offering digital coins. However, the consequences of this kind of move would go beyond the platform itself. The addition of crypto trading would mean that E*Trade would join new online securities trading platforms, which are already making steps towards the crypto industry.
One such platform, Robinhood, also decided to enter the space, and the impact on the platform is massive. The number of its trading accounts surged highly, and the company’s co-founder, Baiju Bhatt, statted that crypto had definitely added to their growth. The number of accounts grew so rapidly that Robinhood even managed to overtake E*Trade at one point.
Analysts from around the world are attempting to predict what the future might bring for cryptocurrencies. After the end of the year-long crypto winter, many were impressed by the number of cryptos that managed to survive and remain relevant. This caused a number of predictions that claim that cryptocurrency is a sound investment for long-term investors, particularly when it comes to institutions.
The crypto space advances
Of course, it is no secret that the crypto world hopes to attract institutional investors, and that attempts to do so involved many projects thus far. Some institutions have even entered the crypto industry already. Others are still hesitant, but the amount of open rejection is shrinking more and more as time passes.
There are still many challenges that the industry has to face and resolve. However, the positive thing is that the industry does not shy away from them. There are complications — crypto and blockchain are still very much new technologies — but the entire space is dedicated to solving them. In fact, while 2018 has been rather devastating for the coins’ prices, it was one of the best years in terms of development.
Experts are predicting that 2019 might be just as productive and important. Meanwhile, the inverting “game” continues, and while there is no doubt that the crypto space is still quite risky — it can also be very rewarding, particularly for the early adopters.