Interactive Brokers Group has announced that it is introducing cryptocurrency trading for registered financial advisors (RIAs). RIAs will now be able to custody and trade a variety of cryptocurrencies for their clients.
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Clients of RIAs using the platform will have access to Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
The announcement claims that RIAs will be able to manage all of a client's portfolio, ranging from stocks and ETFs to crypto, through a single screen on one unified platform. The trading and custodial services at Interactive Brokers will be provided by the Paxos Trust Company, a crypto company that offers an exchange, tokenization services, settlement, custody and more.
Steve Sanders, the EVP of Marketing and Product Development at Interactive Brokers, said that cryptocurrency has become a common component of a well-diversified portfolio and that the company wishes to provide RIAs with all the tools they need to be successful.
“Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has steadily become more commonplace, and advisors may wish to recommend cryptocurrency to their clients,” said Sanders.
“Adding cryptocurrency trading underscores our ongoing dedication to providing advisors with the investment products and tools they need to successfully manage client portfolios and grow their businesses.”
The retail brokerage side of Interactive Brokers has offered cryptocurrency trading through Paxos for some time and has just now added the ability for RIAs using its platform.