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Billionaire Thomas Peterffy Plans to Buy Bitcoin Despite Concerns BTC Could ‘Become Worthless or Outlawed’

Billionaire Thomas Peterffy Plans to Buy Bitcoin Despite Concerns BTC Could ‘Become Worthless or Outlawed’Billionaire Thomas Peterffy, founder of Interactive Brokers, says he plans to buy more bitcoin if the price of the cryptocurrency hits $12K. However, he remains concerned that bitcoin could “become worthless or outlawed.” Thomas Peterffy on the U.S. Economy and Bitcoin Billionaire Thomas Peterffy shared his outlook for bitcoin and the U.S. economy in an […]

BlackRock’s tokenized fund registers over $240 million in inflows within a week

Financial Advisors Managing $110 Trillion Can Now Offer Crypto Trading to Clients via Interactive Brokers

Financial Advisors Managing 0 Trillion Can Now Offer Crypto Trading to Clients via Interactive BrokersRegistered investment advisors (RIAs) with about $110 trillion under management can now offer their clients cryptocurrency trading through Interactive Brokers. RIAs manage portfolios of almost 61 million clients. Registered Investment Advisors Can Now Offer Cryptocurrencies to Clients Global investment firm Interactive Brokers Group (Nasdaq: IBKR) announced Monday the launch of cryptocurrency trading for registered investment […]

BlackRock’s tokenized fund registers over $240 million in inflows within a week

Interactive Brokers launches crypto trading in US for four tokens

U.S.-based financial advisers with Interactive Brokers are now able to recommend cryptocurrency investments to their clients.

Brokerage firm Interactive Brokers Group is allowing investment advisers registered with the company to trade four cryptocurrencies.

In an Oct. 18 announcement, Interactive Brokers said its Registered Investment Advisers would be able to trade and custody Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) for clients using Paxos Trust Company. The firm reported this service was currently only available for its advisers in the United States, but planned to launch crypto trading for global clients in the future.

“Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has steadily become more commonplace, and advisors may wish to recommend cryptocurrency to their clients,” said Interactive Brokers executive vice president of marketing and product development Steve Sanders.

Related: Powers On... Broker disintermediation and unregulated crypto exchanges cause major concerns

With headquarters in the United States, Interactive Brokers falls under the purview of regulators including the Securities and Exchange Commission and the Financial Industry Regulatory Authority. As of Oct. 1, the firm reported 1.54 million client accounts with $353.8 billion in equity.

BlackRock’s tokenized fund registers over $240 million in inflows within a week

Interactive Brokers Launches Cryptocurrency Trading for Customers Through Paxos

Interactive Brokers Launches Cryptocurrency Trading for Customers Through PaxosInteractive Brokers, one of the largest online brokerage firms, has announced today it is offering cryptocurrency trading services in alliance with Paxos. Users of the platform now have a complete suite of cryptocurrency trading options, along with traditional trading offerings like stocks and bonds. The company recognized the importance of digital assets for traders to […]

BlackRock’s tokenized fund registers over $240 million in inflows within a week

Billionaire Thomas Peterffy Invests in Crypto, Says There’s a Chance It Could Be ‘a Dominant Currency’

Billionaire Thomas Peterffy Invests in Crypto, Says There’s a Chance It Could Be ‘a Dominant Currency’The founder and chairman of Interactive Brokers, Thomas Peterffy, has revealed that he put money in crypto because he believes “there’s a small chance that this will be a dominant currency, so you have to play the odds.” Interactive Brokers Chairman Invests in Crypto Thomas Peterffy, founder and chairman of a major online trading platform, […]

BlackRock’s tokenized fund registers over $240 million in inflows within a week

Interactive Brokers to Launch Cryptocurrency Trading End of Summer, CEO Reveals

Interactive Brokers to Launch Cryptocurrency Trading End of Summer, CEO RevealsInteractive Brokers will add cryptocurrency trading to its platform by the end of the summer, CEO Thomas Peterffy has revealed. The platform has about 1.33 million customer accounts and $330.6 billion in customer equity as of the first quarter. Interactive Brokers to Offer Cryptocurrency Trading The chairman and CEO of Interactive Brokers (Nasdaq: IBKR), Thomas […]

BlackRock’s tokenized fund registers over $240 million in inflows within a week

Major US trading platform Interactive Brokers to offer cryptocurrency trading

Interactive Brokers wants to offer as-of-yet unnamed cryptocurrencies to its traders.

United States foreign exchange company Interactive Brokers will offer direct cryptocurrency trading to clients within months, a report says.

Speaking at the Piper Sandler Global Exchange & FinTech Conference on Wednesday, founder Thomas Peterffy revealed that the firm had opted to enter the crypto market.

Demand fuels latest crypto uptake

Quoted by CNBC, Peterffy hinted that client demand had been a major driver of the decision.

“Customers certainly are asking for [crypto trading] and we expect to be ready to offer it to them by the end of the summer,” he said. 

Interactive Brokers offers traders a wide variety of assets in addition to currencies, including stocks, options, futures, bonds and funds, according to its website. As of 2019, its equity value totaled almost $8 billion.

The move into crypto will presumably feature Bitcoin (BTC) first and foremost, with Peterffy nonetheless not naming specific tokens.

“As for hurdles, the greatest hurdle is how do you keep you customers 100% safe,” CNBC additionally quoted him as saying.

“How do you make it 100% sure that no one will steal their coins in spite of the fact that they are untraceable. We will find out more about this when we open for business at the end of the summer.”
Bitcoin futures open interest chart. Source: Bybt

Positive press begins to sway price action

The announcement coincides with the latest chapter in Bitcoin's evolution into a mainstream asset class courtesy of El Salvador's pioneering legal tender move.

As Cointelegraph reported, a senior Bloomberg analyst said Wednesday that Bitcoin is no longer "speculative" in nature.

Despite seeing considerable selling pressure in recent weeks, BTC/USD is more likely to next hit $40,000 than $20,000, Mike McGlone of Bloomberg Intelligence added.

The pair is up 6% on Wednesday after bouncing from $31,000 earlier in the week.

BlackRock’s tokenized fund registers over $240 million in inflows within a week