Paxos and Interactive Brokers enabled crypto trading for institutions
- Interactive Brokers teamed up with Paxos to bring crypto trading and custody services to its clients.
- The company noted earlier this year that the investor demand for crypto is growing rapidly.
- The firm’s officials promised in June that crypto trading should be enabled by the end of summer.
According to a recent press release, Interactive Brokers just teamed up with Paxos to bring crypto trading and custody services for institutional investors. The announcement says that, initially, the companies will support four of the largest cryptos. That includes the likes of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Interactive Brokers’ clients finally get access to crypto trading
In order to bring new services to its clients, global brokerage organization, Interactive Brokers, teamed up with Paxos Trust Company, which acts as a blockchain infrastructure platform. The two came up with a new product that includes trading the four of the largest cryptocurrencies mentioned earlier.
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The trading commissions will range between 0.12% and 0.18%, depending on the monthly volume. The clients will now also be able to use the new offering, with a minimum per order being only $1.75.
The brokerage firm’s CEO; Milan Galik, stated that the main reason behind the launch of the digital asset-supporting service is growing interest among institutional clients. Demand for similar services has been growing throughout the trading industry, as institutions around the world are seeking exposure to crypto. As for Paxos’ CEO, Charles Cascarilla, he praised the new partnership, stating that the new crypto opportunity could be highly beneficial for the clients of both companies.
After all, Paxos is offering regulated blockchain infrastructure to make sure that enterprises will be able to provide safety and reduced risk.
Interactive brokers has been planning to launch a crypto-related service since early June of this year when it promised that something of this type will be coming. The firm’s chairman, Thomas Peterffy, even noted that crypto trading should be enabled by the end of the summer, which proved to be a very precise assessment at the time.
He also confirmed that customers are continuously asking for crypto trading, and is undoubtedly glad that the company can now satisfy that demand.