Here’s how big brokerage firms are breaking into bitcoin trading
Episode 23 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and ZeroHash’s Edward Woodford and Tastytrade Inc founder Tom Sosnoff.
This episode is brought to you by our sponsors Bakkt and Kraken
Bakkt® unlocks the $1.2+ trillion of digital assets that is currently held in cryptocurrencies, rewards and loyalty points, gaming assets and merchant stored value. We began in 2018 with the vision to bring trust and transparency to digital assets. Through the Bakkt Warehouse and Bakkt Bitcoin Futures and Options contracts, we serve institutional clients in an end-to-end regulated market with true price transparency. For consumers, Bakkt aggregates digital assets to enable instant liquidity and to empower users to trade, transfer and pay however they want. Visit Bakkt.com for more information
Whether you’re an experienced crypto trader or just starting out, Kraken has the tools to help you achieve financial freedom. With 50+ cryptocurrencies to choose from, industry-leading security and a wide variety of features to suit any investing strategy, Kraken puts the power in your hands to buy, sell and trade digital assets. Visit Kraken.com to get started today.
Crypto brokers are making money hand over fist.
The direct listing of Coinbase put on display just how much money such firms are making, with the exchange reporting nearly $2 billion in revenues during the first quarter of 2021. Much of those revenues were transactional and from trades made on its retail brokerage platform.
Other large brokerages want in on the action, according to Edward Woodford, CEO of crypto firm ZeroHash. The Chicago-based firm works with brokers to jumpstart their own solutions to serve retail clients. On this episode of The Scoop, Woodford joins options brokerage industry trailblazer Tom Sosnoff to discuss why brokers want to create one-stop shops for their clients by incorporating crypto trading as well as the revenue opportunities crypto presents.
Sosnoff founded tastyworks, which began offering crypto through a partnership with ZeroHash announced at the end of last year.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.