Last year saw an explosion of interest in cryptocurrencies. Now more than ever, people want to access this new asset class through a trusted intermediary. Sophisticated investors see value in leveraging new technology to diversify their portfolios. Although existing financial institutions have indicated their intention to offer cryptocurrencies, few have yet entered the market with easy-to-use solutions for their customers. Today marks a significant step forward for Interactive Brokers (IBKR), one of the largest online trading brokerages with over $360 billion in assets under custody. Initiating cryptographic access Available in partnership with Paxos for US customers.
Paxos Crypto Brokerage is an API solution that allows IBKR customers to buy, sell, and hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Paxos manages the complex custody, liquidity and licensing of digital assets, while IBKR manages client interactions. This division of responsibility allows both Paxos and IBKR to bring their respective expertise to bear on the product. This partnership provides an engaging customer experience and seamless access to the crypto market.
Our regulated platform and products make it easy for major global companies to enter cryptocurrencies safely and quickly. This partnership highlights the growing demand for crypto solutions that are flexible and can be tailored to the needs of any platform. We believe this is meaningful validation of Paxos' commitment to building regulated solutions that can be leveraged by the most sophisticated financial institutions. By working closely with Paxos, IBKR is significantly increasing the number of people around the world who have access to cryptocurrencies.
