Interactive Brokers has become the latest firm to launch cryptocurrency trading through a partnership with blockchain infrastructure platform Paxos as institutional demand for the asset class increases.
Through the partnership with Paxos, clients will be able to trade and custody cryptocurrencies including Bitcoin, Ethereum, Litecoin and Bitcoin Cash alongside existing asset classes including stocks, options, futures, bonds, mutual funds and ETFs through a unified platform at the global brokerage firm.
The new cryptocurrency trading capabilities will initially be available to US residents with individual or joint accounts with plans to roll-out to additional client types in other parts of the world in the future.
“As financial markets evolve, sophisticated individual and institutional investors are increasingly seeking out allocations to digital currencies as a means of achieving their financial objectives,” said Milan Galik, chief executive officer of Interactive Brokers.
“In giving our clients access to cryptocurrency trading, we recognise the need to meet the growing investor demand to trade cryptocurrency alongside other asset classes in a convenient and low-cost way.”
Interactive Brokers is the third firm to confirm the launch of a cryptocurrency focused offering in the last week after Brevan Howard and Jump Trading Group also confirmed they would be launching crypto focused divisions to meet increased client demand.
“Consumer interest in accessing digital assets through trusted intermediaries is driving a shift in the financial industry. Paxos provides the regulated blockchain infrastructure to ensure enterprises can enable crypto safely and with reduced risk,” said Charles Cascarilla, chief executive and co-founder of Paxos.