TradeStation’s customers have been asking for the ability to trade cryptocurrencies, and the online, commission-free brokerage granted their wish Tuesday.
TradeStation Crypto allows cryptocurrency holders to keep their assets in one place. It’s launching with the crypto “top five” — Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP.
“We see this as a growing asset class, and we’re a multi-asset broker-dealer,” TradeStation President John Bartleman said at the Benzinga Global Fintech Awards in New York City. “[It’s] a natural extension to our business.”
TradeStation Bullish On Crypto
The online brokerage has been “very bullish” on cryptocurrency in recent years, but the market structure didn’t exist one-and-a-half years ago to support TradeStation’s move into the space, Bartleman said in an onstage chat.
“What we’ve done is partnered with multiple market makers, exchanges and OTC desks to provide a really liquid, deep market,” Bartleman said.
TradeStation Crypto has been in beta testing for two to three months, he said.
While the initial cryptocurrencies supported by TradeStation are paired with the U.S. dollar, he said the brokerage is eyeing the addition of more global liquidity in the future in the form of cryptocurrencies paired with the Japanese yen.
“We have a long-term view of this,” Bartleman said.
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TradeStation President John Bartleman, left, chats with Luke Jacobi, Benzinga's executive vice president of finance, at the Benzinga Global Fintech Awards on Tuesday in New York City. Photo by Mandar Parab.
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