Heavy hitters in traditional finance are now testing out the crypto waters. While Goldman Sachs and JP Morgan explore value transfer through stablecoins, banking and investments giants like eTrade and TD Ameritrade appear to be exploring digital currency investments to their users.
In collaboration with Erisx, TD Ameritrade appears to be preparing for the addition of bitcoin and litecoin trading. The new functions were revealed by one user, who shared a tweet showing his purchase of 1 BTC through his Ameritrade account.
BREAKING: BTC is now being traded on the Nasdaq! I bought one BTC through my TDAmeritrade account! According to the chart it started trading April 10, 2019!! Other digital assets are soon to follow!! 🚀🚀🚀 pic.twitter.com/1VgE1Whoa4
— Cryptopolis (@cryptopolis_x) April 22, 2019
Though the trade went through, it may not net the user any actual BTC. Later, Cryptopolis amended the tweet, adding:
“UPDATE: According to TDAmeritrade support – it’s not a real trade in my account – it appears they are testing only using their Paper Trading platform. Support said “I’m not able to speak on it” -They did not know what CXERX is. Strange… But something is going on for sure!”
TD also added that CXERX, the symbol to trade BTC might stand for “Crypto Exchanged Erisx” though it did not confirm nor deny the feature’s development.
Just saw that TD Ameritrade is testing both BTC and LTC trading on its brokerage platform. 😲 🚀 pic.twitter.com/TVo39oECeH
— Charlie Lee [LTC⚡] (@SatoshiLite) April 23, 2019
TD Ameritrade maintains that it only officially offers Bitcoin futures trading on its platform so far. However, it’s not the only investment platform preparing for crypto trades. According to New York Times financial journalist Nathaniel Popper, eTrade is preparing to offer cryptocurrency investments as well.
As the crypto market recovers, and more businesses realize just how many traders and investors seek a pathway into the markets, financial institutions may see more value in offering virtual currency investments to their customers.