Charlie Lee, the founder of the Litecoin project, has become the latest to confirm that famous American financial services company, TD Ameritrade may soon add crypto trading to its brokerage platform.
In a tweet today, April 23, Charlie Lee posted a screenshot confirming that traders can complete paper trades of Bitcoin (BTC) and Litecoin (LTC) on TD Ameritrade under a new index CXERX.
According to Lee’s update, the newly trialled offerings feature a ‘Test’ and ‘Test Symbol’ description, perhaps suggesting that the brokerage platform is still testing the new offering.
Just saw that TD Ameritrade is testing both BTC and LTC trading on its brokerage platform. ? ? pic.twitter.com/TVo39oECeH
— Charlie Lee [LTC⚡] (@SatoshiLite) April 23, 2019
Meanwhile, the latest development is a follow-up on yesterday’s report that another TD Ameritrade user saw the BTC trading option and even completed a 1BTC trade.
However, he misjudged it to be Nasdaq working on listing Bitcoin (BTC) since TD Ameritrade’s customer support claimed to know nothing about it.
But What Could TD Ameritrade Listing Bitcoin and Litecoin Mean For The Industry?
The simplest answer would be, more mainstream exposure.
According to data from its website, the brokerage firm provides investing and trading services for up to 11 million clients accounts totalling more than $1 trillion in assets. Additionally, the firm claims to 6000 independent registered investment advisors.
Offering a fraction of these numbers access to trade cryptocurrencies directly will no doubt result in a new injection of cash into the currently bullish crypto market.
But it could still be a test, though, so rather than get our hopes up, a better approach would be to watch whether TD Ameritrade completes its testing phase in the coming weeks and possibly roll out crypto trading on its platform.
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