Interactive Brokers Expands Crypto Offerings to Include XRP

Interactive Brokers, the brokerage firm founded by billionaire Thomas Peterffy, has expanded its cryptocurrency trading services to include XRP, Solana (SOL), and Dogecoin (DOGE). This announcement, made on Tuesday, significantly broadens the firm's digital asset offerings.

Interactive Brokers' Crypto Journey

Interactive Brokers initially entered the cryptocurrency market in September 2021, partnering with Paxos to offer trading in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). This service was extended to financial advisors in October 2021, driven by increasing client demand, according to then-CEO Thomas Peterffy. However, in April 2023, Peterffy expressed some skepticism about cryptocurrencies, noting relatively low trading volume on the platform and characterizing crypto as lacking inherent value, while acknowledging his own holdings due to others' belief in its potential.

Peterffy's Evolving View

By late 2024, Peterffy's perspective seemed to evolve. He suggested that individuals without Bitcoin holdings might consider acquiring some, recommending an allocation of up to 3% of an investment portfolio, cautioning against exceeding 10% due to volatility.

Despite stepping down as CEO, Peterffy remains Interactive Brokers' largest shareholder, significantly influencing its strategic direction. The recent expansion into additional cryptocurrencies reflects the firm's adaptation to growing demand within the digital asset market, while maintaining its established presence in traditional finance.

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