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E-Trade may be about to launch Bitcoin and Ethereum trading to its 5 million users

Nawaz Sulemanji

Investors are paying a huge premium to buy into the current crypto bull run via the publicly-traded Grayscale Bitcoin Investment Trust (GBTC). The share price of GBTC is showing a premium of around 37% based on the amount of BTC in its reserves. This comes on the back of the firm’s announcement that its fund is now holding over $2 billion worth of crypto. Grayscale shot past $2 billion in assets under management today https://t.co/B0WK2SgKHE — Barry Silbert (@barrysilbert) May 28, 2019 The flagship product currently trades at $11.44 per share, putting the price of Bitcoin above $11,600 – which is a premium of $3,000 per coin. Dropping gold The publicly-traded Bitcoin fund has recently been pushing its “drop gold”

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E-Trade, may begin offering Bitcoin (BTC) and Ethereum (ETH) trading to its 5 million customers, as reported by  Bloomberg.

The Bloomberg report also states that more cryptocurrencies may be added in the future, making E-Trade a possible competitor to the likes of Coinbase and Robinhood for a share of the regulated and non-custodial trading segment.

It is most likely that those who purchase Bitcoin or Ethereum on the platform will not have the private keys to the funds themselves, with E-Trade reportedly in talks with a third party for the custody of users’ digital assets.

E-Trade, which generates nearly $3 billion in revenue, offers a major brokerage service that could help bring further adoption and attract more investors into the cryptocurrency markets.

Coinrivet recently covered the story of Etoro launching a crypto exchange platform called etoroX. The new platform will transition the firm from just a social crypto trading product (for its 10 million users) to now sending and receiving cryptocurrencies and stablecoins on its bespoke trading platform. Like Etoro, E-Trade may also look to follow suit, if it can see demand for such a product from its 5 million strong user base.

Mobile stock trading app Robinhood, on the other hand, launched cryptocurrency trading services over a year ago and recently announced a plan to launch an initial public offering (IPO).

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