Interactive Brokers, a leading global brokerage that reported $9.3 billion in revenue for 2024, is broadening its altcoin selections by adding four new tokens.
In an announcement made on March 26, the platform revealed that it has incorporated Solana (SOL), Cardano (ADA), XRP (XRP), and Dogecoin (DOGE) into its trading offerings. The collective market cap of these four cryptocurrencies stands at $267.2 billion as of this moment.
These new additions effectively double the range of cryptocurrencies available for trading on the platform. Since 2021, Interactive Brokers has facilitated trades in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) pairs.
Both trading and custody solutions will be offered in partnership with Paxos Trust Company or Zero Hash LLC. Zero Hash noted in a recent release that by June 2024, it had processed $20 billion in transactions globally across 200 countries.
The trend of financial firms expanding their crypto token offerings continues. On March 25, Nubank announced the inclusion of ADA, Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO) for its over 100 million clients across Latin America. Meanwhile, the US exchange Kraken has been consistently adding memecoins, and Binance has rolled out a mechanism for community members to vote on the listing and delisting of tokens.
In an increasingly competitive crypto landscape, Interactive Brokers is touting low transaction fees ranging from 0.12% to 0.18% of the transaction value, with a minimum fee of $1.75 per trade. Despite this, the brokerage faces competition from exchanges that provide “pro” platforms with comparable fees.
Crypto Markets Witness Enhanced Regulation and Adoption
The decision by various companies to broaden their crypto offerings occurs alongside a larger shift in nation-states’ interaction with the industry, moving towards collaboration rather than strict regulation. The European Union’s MiCA regulation has presented a clearer framework for crypto companies in that region, while the United States is leaning on the adoption of stablecoins to maintain the dollar’s global status.
The US Securities and Exchange Commission has dismissed cases against several crypto firms, and Congress is currently working on legislation concerning stablecoins and market structure.
Despite the recent volatility in crypto markets due to uncertainty surrounding US tariffs and recession fears, institutional investors remain optimistic about crypto investments. Since their launch in January 2024, Bitcoin exchange-traded funds have seen a cumulative net inflow of $36 billion, according to SoSoValue.