United States-based online brokerage TradeStation is planning to launch a crypto lending service.
TradeStation is a subsidiary of Japanese firm Monex Group and was announced in Monex’s earning report published on July 29.
Deposit your eligible crypto coins with a TradeStation Crypto account today! Sign – Up For TradeStation Crypto: https://t.co/ad9AnaLVe3 pic.twitter.com/XMY0pktGFT — TradeStation (@TradeStation) July 24, 2020
The new lending service called “Crypto Earn” is “C2B2B” that lends institutions borrowed assets from clients.
Last November, TradeStation launched a cryptocurrency brokerage platform via a newly-launched offshoot called TradeStation Crypto while initially supporting cryptocurrencies such as:
Bitcoin (BTC)
Bitcoin Cash (BCH)
Ether (ETH)
Litecoin (LTC)
Ripple (XRP)
TradeStation launched its app this month, the app for crypto trading is currently available in 40 states in the U.S. Monex Group bought TradeStation in 2011.
In December 2018, John Bartleman, president of TradeStation, clearly stated that their target was institutional investors:
“We are planning to target professional investors such as institutional investors unlike Coinbase or Robinhood which mainly target retail investors.”
This new offering marks yet another traditional finance company entering the crypto lending sector as competition heightens among lenders.
Source: Cointelegraph | Image: Unsplash