E-Trade Is Close To Launching Cryptocurrency Trading

E-Trade is getting ready to let its approximately five million customers trade cryptocurrencies on its platform, according to Bloomberg citing a person familiar with the matter. "The firm will start by adding Bitcoin and Ethereum, and will consider adding other currencies in the future." From the report: 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, 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. E-Trade could help legitimize cryptocurrency trading for wary investors. On Thursday, New York's Attorney General accused leading exchange Bitfinex of trying to hide $850 million in missing funds, causing the price of Bitcoin to drop 7 percent.

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