Yet another institutional giant, TD Ameritrade, seems to be directly entering the cryptocurrency markets by allowing users to test buy Bitcoin and Litecoin on the Nasdaq via the TD Ameritrade brokerage platform using ErisX’s technology.
Twitter user “Cryptopolis” announced that he was able to buy Bitcoin through his TD Ameritrade account. Turns out that wasn’t true. However, it was confirmed that TD Ameritrade is testing trading Bitcoin and Litecoin against USD via their Paper Trading desk, with ticker CXERX. An interesting part of this is that the chart seems to be based on data from Nasdaq.
With over 11 million clients, who already have access to Bitcoin Futures on their platform, it could soon be the reality that those 11 million retail users will have the ability to directly buy and sell Bitcoin and Litecoin, similar to using Robinhood or Circle.
If this ends up becoming true, users will be able to have direct exposure to cryptocurrencies with a company they trust, already use, and are comfortable with.
Another piece to this article comes from ErisX, Chicago-based crypto exchange. They have recently been testing their spot crypto trading market and have been partnering with some firms to test it. According to sources, TD Ameritrade is one of those firms.
“Testing is a best-practice necessary for us and our customers as we build the most robust and transparent marketplace for digital assets.” -ErisX Spokeswoman
Back in December, it was reported that ErisX had received $27.5 million in funding from Nasdaq Ventures, Fidelity Investments, Bitmain, and ConseSys. Previous to that reporting, TD Ameritrade was one of the original investors in ErisX.
“With increasing financial support from leading-edge firms, ErisX stands to provide the most robust, secure and regulated digital asset offering available to both institutional and individual participants. Closing this second round of funding enables us to continue building our modern platform and expand our team.” Thomas Chippas, ErisX CEO