Paxos Adds Financial Adviser Crypto Trading to Brokerage Platform
While just 15% of financial advisers are allocating crypto in customer accounts, 94% have received crypto-related questions from clients, said Paxos, citing recent survey data.
Jun 7, 2022 at 1:00 p.m. UTCUpdated May 11, 2023 at 5:38 p.m. UTC
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Regulated blockchain infrastructure firm Paxos wants to make it easier for broker-dealers to allow their financial adviser clients to trade and manage crypto assets for investors.
- Paxos’s financial adviser crypto trading addition is designed to expand on the company’s crypto brokerage platform. It will build out a broader wealth management system for advisers to better manage crypto assets for their clients.
- In its statement, Paxos cited a Bitwise survey from earlier this year, which found that only 15% of financial advisers were allocating crypto in client accounts, though 94% of financial advisers received questions on the subject from customers.
- Interactive Brokers has already launched financial advisor crypto trading via the Paxos crypto brokerage. The two previously teamed up last year when Interactive Brokers began offering crypto trading through Paxos.
- Scaling these platforms is key for Paxos, and in turn financial advisers, Paxos product head Kyle Libra told CoinDesk in a phone interview. The financial adviser user segment is largely left out of crypto, or crypto at scale, he added.
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.