The Bloomberg report also states that more cryptocurrencies may be added in the future, making E-Trade a possible competitor to the likes of Coinbase and Robinhood.
However, those who purchase Bitcoin or Ethereum on the platform will not have the private keys to the funds themselves, as E-Trade is in talks with a third party for the custody of users’ digital assets.
New York Times reporter and author, Nathaniel Popper, who wrote the popular book Digital Gold, also tweeted that he was told that E-Trade would soon support trading the two most popular cryptocurrencies.
In the wake of TD Ameritrade quietly opening Bitcoin trading for some of its customers, I was just told that eTrade is preparing to begin offering both Bitcoin and Ether trading to its 5 million or so customers and is just finalizing a third party to actually hold the coins.
— Nathaniel Popper (@nathanielpopper) April 26, 2019
E-Trade, which generates nearly $3 billion in revenue, is a major brokerage that could bring enable adoption and attract more investors into a market that is slowly shedding its negative reputation. The entry of E-Trade, along with the growth of institutional investment, could mark a watershed year for the market as it seeks to gain legitimacy.