Morgan Stanley (MS) is getting ready to let people trade cryptocurrencies directly on its E*Trade platform, marking the most significant move yet by a major U.S. bank to bring crypto trading to retail investors.
The bank is thinking about working with crypto-focused companies to build the needed technology, and the service could launch sometime next year, according to Bloomberg.
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Analysts are expected to watch closely how Morgan Stanley rolls out crypto trading on E*Trade. The move could create real competition for platforms like Coinbase and Kraken that already focus on crypto.
Morgan Stanley isn’t alone in this. Charles Schwab has also hinted it might offer crypto trading, and SoFi is thinking about expanding its crypto services after seeing big changes in the U.S. market.