Cryptocurrency traders might soon have an important ally. A Bloomberg source claims E*Trade is in the midst of work to enable trading cryptocurrencies, starting with Bitcoin and Ethereum. It would think about adding other currencies going forward, according to the tipster. It's not certain exactly when trading would open.
E*Trade wouldn't comment on the report.
While trading in virtual currencies certainly isn't a novelty, E*Trade's involvement could give it legitimacy among mainstream investors who might not want to venture beyond familiar names or are skittish given the occasional scandal. The influx of more conventional traders might also help stabilize a crypto market that has been prone to volatility over the years. If nothing else, it could make investment easier for newcomers who are curious about digital money but might not be sure where to start.