- Major financial conglomerate Morgan Stanley is testing cryptocurrency trading on the E*Trade platform with a commission of 50 basis points.
- Later this year, E*Trade users will be able to trade Bitcoin, Ethereum and Solana.
The cryptocurrency race on Wall Street has entered a new phase: Morgan Stanley, a major bank, has launched direct trading of digital assets through the E*Trade platform. As part of the pilot project, select clients have gained access to Bitcoin, Ethereum, and Solana through their brokerage accounts.
On According to Bloomberg reports that the American bank charges clients a 50 basis point fee on the dollar value of each cryptocurrency transaction, lower than Coinbase Global Inc., Robinhood Markets Inc., and Charles Schwab Corp. The service is currently available in beta testing, and all 8,6 million E*Trade clients will receive access later this year.
Morgan Stanley acquired E*Trade in 2020 for $13 billion, strengthening its position in asset management. liquidity and settlement transactions are handled through Zerohash. This Chicago-based infrastructure company partners with banks and fintech platforms seeking digital asset management systems. The company has also partnered with Mastercard, indicating growing demand for cryptocurrency infrastructure solutions.
The Wall Street bank is actively carving out its niche in the crypto industry. In early April, it запустил Bitcoin- MSBT fund, which on the first day of trading attracted $30 million. It also features the lowest commission on the market at 0,14%.
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