Source: Cointelegraph Original: "{title}"
Interactive Brokers, a global brokerage firm that recorded $9.3 billion in revenue in 2024, is expanding its offering of alternative cryptocurrencies by adding four new tokens.
According to an announcement on March 26, the platform has added Solana (SOL), Cardano (ADA), Ripple (XRP), and Dogecoin (DOGE) for trading. As of now, the total market capitalization of these four cryptocurrencies is $267.2 billion.
The addition of these four tokens has doubled Interactive Brokers' cryptocurrency trading products. Since 2021, Interactive Brokers has supported trading pairs for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Trading and custody services will be provided through Paxos Trust or Zero Hash. Zero Hash stated in a press release that as of June 2024, it has processed $20 billion in transactions across 200 countries.
Financial institutions are continuously expanding their selection of cryptocurrency tokens. On March 25, Nubank announced the addition of ADA, Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO) to its trading options for over 100 million customers in Latin America. Meanwhile, the U.S. exchange Kraken has steadily increased its trading pairs for memecoins over the past few months, while Binance has launched a community voting mechanism to allow users to participate in decisions regarding token listings and delistings.
In the increasingly competitive cryptocurrency market, Interactive Brokers is committed to offering low trading fees—ranging from 0.12% to 0.18% of the transaction value, with a minimum fee of $1.75 per trade. The brokerage still faces competition from exchanges that offer similar fee structures on "professional" platforms.
The cryptocurrency market is seeing more regulation and greater adoption.
The company's move to expand its cryptocurrency offerings comes at a time of significant change in how nations interact with the industry—leaning more towards collaboration rather than suppression. The EU's MiCA regulations provide a clearer framework for cryptocurrency companies operating in the region, while the U.S. is betting on the use of stablecoins to maintain the global dominance of the dollar.
The U.S. Securities and Exchange Commission (SEC) has dropped cases against some cryptocurrency companies, and Congress is currently drafting legislation on stablecoins and market structure.
Despite recent turmoil in the cryptocurrency market due to U.S. tariffs and concerns over economic recession, institutional investors appear to remain optimistic about crypto investments. According to SoSoValue, since its launch in January 2024, Bitcoin exchange-traded funds (ETFs) have attracted a cumulative net inflow of $36 billion.
Related: Hester Peirce calls for the SEC to establish rules to "integrate" cryptocurrency regulation.
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