- Interactive Brokers CEO Thomas Peterffy says his company will offer crypto trading by the end of summer.
- Interactive Brokers saw its revenue jump 67.9% year-over-year to $893 million in the first quarter.
- The company is now set to compete with Coinbase Global, Binance, and others for a slice of crypto trading market share.
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Interactive Brokers CEO Thomas Peterffy stated his firm will provide cryptocurrency buying and selling by the top of the summer time on Wednesday.
Talking at Piper Sandler’s International Trade & FinTech Convention, Peterffy stated, “prospects definitely are asking for [crypto trading] and we count on to be prepared to supply it to them by the top of the summer time,” CNBC reported.
Peterffy stated that the best hurdle his firm will face in beginning cryptocurrency buying and selling is preserving prospects “100% secure.”
“As for hurdles, the best hurdle is how do you retain you prospects 100% secure. How do you make it 100% positive that nobody will steal their cash regardless of the truth that they’re untraceable? We are going to discover out extra about this once we open for enterprise on the finish of the summer time,” the CEO stated.
As of the top of Might, Interactive Brokers had 1.39 million shopper accounts and $348.3 billion in shopper fairness.
Within the first quarter, the American multinational brokerage noticed its income soar 67.9% year-over-year to $893 million.
Raymond James analyst Patrick O’Shaughnessy lately tagged Coinbase with an “underperform” score arguing the corporate lacks a moat to guard from competitors.
“Over and over historical past has proven that brokerages and exchanges see extra income competed away except there’s a structural barrier to entry,” O’Shaughnessy wrote in a word to purchasers.
Now, the analyst’s predictions could also be coming to fruition as firms like Interactive Brokers start to enter the crypto markets.