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Morgan Stanley owned E-TRADE is considering adding cryptocurrency trading to its stock and options offerings, according to a report by The Information. The bank spent $13 billion to acquire the broker and its 5.2 million customer accounts in 2020.
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With the incoming Trump administration adopting a more crypto friendly approach, E-TRADE isn’t the only large U.S. retail broker exploring client trading. Schwab is also mulling a crypto service, as previously reported by Bloomberg in November. But other competitors are ahead of the game.
Fidelity launched Fidelity Digital Assets in 2018 and supports retail investors through Fidelity Crypto. It currently provides direct access to Bitcoin and Ethereum, which are considered commodities and the spot market for commodities does not require a registration.
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Other competitors such as Robinhood offer a larger range of crypto investments, some of which might be considered securities. Robinhood received a Wells notice from the Securities and Exchange Commission (SEC) in May 2024. The digital broker is leaning into the crypto sector with the acquisition of European crypto exchange Bitstamp for $200 million last June.
The likes of Schwab and Robinhood earn a very significant proportion of their revenues from as interest on client cash balances. With a move to tokenization, some of those balances might be replaced by stablecoins. Hence, it’s no surprise that Robinhood was one of the firms taking an interest in the Paxos Global Dollar stablecoin initiative, which shares revenues with partners.
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