Interactive Brokers Mulling Crypto Service by End of Summer, CEO Thomas Peterffy Says

Fazzaco learned that Interactive Brokers, one of the biggest US-based discount brokers, will launch cryptocurrency trading within its platform by the end of the summer, according to its chairman and CEO Thomas Peterffy.

​Thomas said that: "Customers certainly are asking for [crypto trading] and we expect to be ready to offer it to them by the end of the summer."

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He further commented: “As for hurdles, the greatest hurdle is how do you keep your customers 100% safe. 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.”

Interactive Brokers offers various cryptocurrency-related investments including Bitcoin futures trading but not direct crypto trading. However, it remains unknown which cryptocurrencies the broker will offer access to.

Its major rivals, such as Fidelity and Charles Schwab, do not offer crypto service on their platforms but some do offer access to some crypto-related funds. Meanwhile, stock trading apps, such as Robinhood, do offer cryptocurrency trading.

As Fazzaco reported earlier, Interactive Brokers has published its trading metrics and other financial information for the month of March​, showing a 19% MoM decrease in Daily Average Revenue Trades (DARTs). The company's client accounts totaled 1,325 thousand, 74% higher than prior year and 5% higher than prior month.