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Morgan Stanley, one of the largest U.S. asset managers, is reportedly exploring adding cryptocurrency trading to its E-Trade platform. The move could make it one of the biggest traditional brokerages to embrace crypto amid expectations of a more favorable regulatory environment under President-elect Donald Trump.
Morgan Stanley Considers Bitcoin Trading for E-Trade
An article in The Information dated January 2nd stated that the world-renowned asset management Morgan Stanley is reportedly contemplating integrating bitcoin trading into its E-Trade online brokerage platform.
One of the main factors, according to the wealth manager, was hoping for a more lenient crypto regulatory climate under Trump's administration.
Trump campaigned on a platform of making the United States "the world's crypto capital" and appointing pro-industry officials to prominent regulatory positions.
E-Trade's Expansion Could Challenge Coinbase
If approved, E-Trade will join the ranks of the largest traditional retail brokerages offering crypto trading, giving sites like Coinbase a run for their money.
By 2020, Morgan Stanley had acquired E-Trade. According to The Information, there are around 5.2 million accounts with the brokerage, and their combined value is around $360 billion.
Traditional Brokerages Enter Crypto Space
Robinhood, Interactive Brokers, and Fidelity are among the conventional retail brokerages that provide cryptocurrency trading. Based on Bloomberg's reporting, Charles Schwab is allegedly planning to incorporate cryptocurrency trading this year as well.
In comparison to crypto-native centralized exchanges like Coinbase, the selection of available tokens on these platforms is typically more limited.
Crypto Trading Proves Lucrative for Brokerages
Online brokerages have been incredibly successful in the cryptocurrency trading industry. According to Robinhood's third-quarter 2024 statistics, crypto trading volume increased by 112% year-on-year, reaching $14.4 billion, while crypto revenue increased by 165%, reaching $61 million.
As part of a $200 million acquisition agreement struck in June, Robinhood would be able to provide institutional investors in the US with access to the cryptocurrency exchange Bitstamp.
The cryptocurrency trading operations of market leader Coinbase contributed significantly to the company's $1.2 billion in revenue for the third quarter of 2024.
Morgan Stanley's Leadership in Crypto Adoption
Morgan Stanley was one of the first major wealth managers to get involved with cryptocurrency.
An individual with knowledge of the situation informed Cointelegraph that in August, Morgan Stanley gave the green light for its 15,000 financial advisors to begin suggesting Bitcoin ETFs to customers.
Morgan Stanley is among the top US wealth managers, with an advisory network that oversees $3.75 trillion, including $1 trillion in client accounts that are managed independently.
Advisors at Morgan Stanley have been putting their clients' money into two "blue chips" among Bitcoin exchange-traded funds: iShares Bitcoin Trust (IBIT) by BlackRock and Wise Origin Bitcoin Fund (FBTC) by Fidelity.
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