E*Trade is edging closer to digital asset trading

, before considering other cryptos in the future, according to the outlet citing a person familiar with the matter. E*Trade has declined to comment on the speculation, per Bloomberg.The move would make E*Trade one of the largest security brokerages to allow crypto trading, providing substantial legitimacy for digital asset trading.

E*Trade's size and longstanding reputation within financial services gives it a leg up over early moving competitors in the crypto trading space. The firm launched in the early 1980s, has over 7 million users as of March 31, 2019, and reported an average of more than 279,000 trades per day on its platform during the first quarter of 2019,The Wall Street Journal.

Cryptos have struggled to gain legitimacy, but E*Trade's participation could change that. Although crypto prices surged astronomically through 2017, a regulatory gray area coupled with a steady stream of abuse and market manipulation have contributed to a nose dive in prices over the last 18 months.

E*Trade is not the only established player eyeing crypto trading, suggesting incumbents are serious about the nascent asset class. Last week, TD Ameritrade, another major brokerage firm, was reportedly testing trading for Bitcoin and Litecoin on its platform,

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Source: WSJ - 🏆 98. / 63 Read more »