Wall Street Firms Plan to Introduce Spot Crypto Trading Services
Financial institutions are responding to client demand for cryptocurrency services. Key developments include:
- Morgan Stanley plans to integrate crypto trading into its E*Trade platform, potentially launching next year.
- Charles Schwab intends to offer spot trading for Bitcoin and Ether within 12 months, pending regulatory clarity.
- Schwab saw a 400% increase in traffic related to crypto on its website in Q4.
- Wells Fargo has begun offering unsolicited spot Bitcoin ETF purchases to select clients and acknowledges digital assets as investable.
- The rise of spot crypto trading by traditional financial firms would enhance accessibility and competition, potentially reducing fees.
These steps indicate a significant shift towards integrating cryptocurrency into mainstream financial services, as more investors seek diversification beyond traditional assets.