Interactive Brokers plans to offer cryptocurrency trading services

1 minute
 Interactive Brokers plans to offer cryptocurrency trading services

- Interactive Brokers Group Inc. is deep in cryptocurrency trading with a plan to offer trading services.

'Customers definitely are asking for it, and we expect to be ready to offer it to them by the end of the summer, said Chairman Thomas Peterffy at the global exchange and fintech conference of Piper Sandler Cos. on Wednesday.

Interactive Brokers joins a growing list of payments providers and online broker-dealers that allow their customers to buy and sell cryptocurrencies, including Venmo LLC, PayPal Holdings Inc. and Square Inc.

The announcement from Peterffy's company comes on the same day that El Salvador said it used Bitcoin for formally entitlement as a landmark tender, the first country to do so, after President Nayib Bukele said Congress adopted his legal proposal. The 39-year-old president, whose Twitter profile has a 'lark' picture that is popular with devotees of cryptocurrencies, said on Twitter that the legislative majority approved the bill by a few votes.

Interactive Brokers previously offered customers a way to go from Bitcoin futures trading to advancing market price change. While the move was driven by customer demand, Peterffy said there are still lingering questions about safety in the industry.

We will find out more about this when we open in the summer to business at the end of the spring, Peterffy said at the conference.

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