Bloomberg reported on Friday that E*Trade Financial Corp is preparing to offer cryptocurrency trading for users on its platform. The report is based on details provided by a “person familiar with the matter” and claims that the company will begin by offering trading for Bitcoin and Ethereum, with other digital currencies possibly added at some point in the future.
Bloomberg notes that E*Trade’s entry into the competitive crypto market would be significant and could even help add new legitimacy for crypto trading at a time when some investors remain cautious:
E*Trade would be one of the largest securities brokerages to allow crypto trading. It will enter into a competitive market with startups like Coinbase Inc., which have made names for themselves as go-to places for such transactions. Closely held Coinbase reached a valuation of $8 billion in 2018 and projected sales of $1.3 billion. Fintech startup Robinhood, most recently valued at $5.6 billion, has also added cryptocurrency trading as a way to woo millennial customers.
An E*Trade spokesperson reportedly declined to comment on the matter.