Interactive Brokers Launches Cryptocurrency Trading via Paxos

Interactive Brokers LLC (NASDAQ: IBKR) announced the official launch of its cryptocurrency trading services on Monday through Paxos, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term infrastructure platform. According to the press release, the brokerage’s clients are now able to trade and custody assets, such as Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

The firm said that crypto trading on the platform would have commissions of between 0.12% and 0.18% of the trade value, depending on the monthly volume. “As financial markets evolve, sophisticated individuals and institutional investors are increasingly seeking out allocations to digital currencies as a means of achieving their financial objectives. In giving our clients access to cryptocurrency trading, we recognize the need to meet the growing investor demand to trade cryptocurrency alongside other asset classes in a convenient and low-cost way,” Milan Galik, CEO of Interactive Brokers, commented.

Moreover, the US-listed brokerage noted that the minimum fee per order would be $1.75, clarifying there will not be spreads, markups, or other costs associated with custody. “Consumer interest in accessing digital assets through trusted intermediaries is driving a shift in the financial industry. Paxos provides the regulated blockchain infrastructure to ensure enterprises can enable crypto safely and with reduced risk. Our collaboration with Interactive Brokers allows experienced investors to have fast reliable access to the digital economy for the first time,” Charles Cascarilla, CEO and Co-Founder of Paxos, pointed out in the announcement.

Treading Crypto Waters

As reported previously by Finance Magnates, Interactive Brokers gave some hints at the Piper Sandler Global Exchange & FinTech Conference in June about the possibility of launching the crypto trading service within its platform. However, despite this being the full inception of the US-listed brokerage firm within crypto trading, trading of Bitcoin futures has already been available on its platform for a long time.

Though, its major rivals, such as Charles Schwab and Fidelity, do not offer crypto trading on their platforms. Instead, they both offer access to some crypto-related funds.