The adoption of crypto by traditional investors is starting to take shape. Now that we finally have a US bitcoin (BTC) exchange traded fund (ETF) get more good news from this country. Financial advisors from Interactive Brokers Group, a major player in the investment world, may now officially advise crypto to their clients. It concerns four cryptocurrencies; bitcoin, ethereum (ETH), bitcoin cash (BCH) and litecoin (LTC).
Interactive Brokers is an American broker that was founded in New York in 1978. In the meantime the company has more than 1.5 million customers who have collectively invested $353.8 billion through Interactive Brokers. So now advisors of the company are given the opportunity to advise crypto to these customers. According to Interactive Brokers EVP of Marketing and Product Development a logical step:
Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has steadily become more common, and advisors may want to recommend cryptocurrency to their clients, […] Adding cryptocurrency trading underscores our continued commitment to providing advisors with the investment products and tools they need to successfully manage client portfolios and grow their business.”
The four cryptocurrencies can be traded via the RIA platform of Interactive Brokers. The crypto trading is facilitated in collaboration with crypto broker Paxos. The latter of course already has a lot of experience with large parties. Paxos also facilitates the crypto services of online payment company PayPal.
Interactive Brokers’ announcement is another important step for the crypto market. It is therefore extensively announced by, for example, Litecoin, which says on Twitter:
“Big news: Widely used brokerage Interactive Brokerage allows US financial advisors to trade four cryptocurrencies
Advisors are allowed to trade and hold Litecoin for customers!”
Big news: Widely used brokerage Interactive Brokerage is allowing US-based financial advisors to trade four #cryptocurrencies
Allowing advisors to trade and custody #Litecoin for clients!#Litecoin10 @IBKR #crypto https://t.co/2hu7P0uzcd
— Litecoin (@litecoin) October 18, 2021
The developments in the investment market regarding crypto seem to have come at a rapid pace. After the launch of the first US Bitcoin Futures ETF was confirmed, major crypto asset manager Grayscale announced yesterday that it would also start applying for an ETF. They will convert their already existing bitcoin fund, which is the largest bitcoin investment fund in the world, into a freely tradable ETF (stock market fund).