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Interactive Brokers intends to make nameless cryptocurrencies available to its traders.
According to a source, Interactive Brokers, a US-based foreign exchange broker, will provide direct bitcoin trading to clients within the next few months.
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.
According to its website, Interactive Brokers provides traders with a wide range of assets in addition to currencies, such as stocks, options, futures, bonds, and funds. Its equity worth was about $8 billion in 2019.
The foray into crypto will most likely focus on Bitcoin (BTC), with Peterffy refusing to name particular coins.
“As for challenges, the biggest challenge is ensuring that your customers are completely safe,” he added, as reported by CNBC.
“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.”
Positive press begins to sway price action
The declaration comes on the heels of El Salvador’s pioneering legal tender action, which marks the next stage in Bitcoin’s growth into a mainstream asset class.
As previously reported, a prominent Bloomberg analyst stated on Wednesday that Bitcoin is no longer “speculative”
Despite significant selling pressure in recent weeks, BTC/USD is more likely to reach $40,000 than $20,000 in the near future. Bloomberg Intelligence’s Mike McGlone added.
After rebounding from $31,000 earlier in the week, the pair is up 6% on Wednesday.