Interactive Brokers Expands Crypto Offerings to Include XRP

Interactive Brokers, the renowned brokerage firm established by billionaire Thomas Peterffy, has expanded its cryptocurrency trading services to include XRP. The announcement, made on Tuesday, marks a significant development for the Ripple-associated digital asset.

The brokerage, headquartered in Greenwich, Connecticut, has also introduced support for Solana (SOL) and Dogecoin (DOGE) alongside XRP. This expansion further cements the company’s commitment to digital asset trading.

Evolution of Interactive Brokers’ Crypto Services

Interactive Brokers first entered the cryptocurrency market in September 2021, collaborating with blockchain infrastructure provider Paxos to facilitate trading. At launch, the platform only supported Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). Later, in October 2021, the firm extended its crypto services to financial advisors.

At the time, then-CEO Thomas Peterffy explained that the decision to offer crypto trading was driven by increasing client demand. Despite this, in April 2023, Peterffy expressed skepticism about cryptocurrencies, remarking that trading activity remained sluggish on their platform. He further stated that he viewed crypto as having no inherent value but admitted to holding some because others believed in its worth.

Peterffy’s Changing Stance on Cryptocurrency

By late 2024, however, Peterffy appeared to shift his perspective. The billionaire, known as a pioneer in high-speed trading, suggested that those without Bitcoin holdings should consider acquiring some. He recommended an allocation of up to 3% of one’s investment portfolio in Bitcoin while cautioning against investing more than 10% due to its high volatility.

Though Peterffy stepped down from his role as CEO, he remains the largest shareholder of Interactive Brokers, continuing to influence the firm’s strategic direction. With the latest expansion into additional cryptocurrencies, the brokerage firm is adapting to the growing demand for digital assets while maintaining its traditional financial services.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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