Morgan Stanley Launches Cryptocurrency Trading, With Fees Below Major Competitors

BlockBeats News, May 6th, according to Bloomberg, Morgan Stanley is launching cryptocurrency trading on its E*Trade platform, charging 50 basis points per transaction based on the trade amount, lower than its major competitors such as Coinbase, Robinhood, and Charles Schwab. This service is currently in a pilot phase, and E*Trade's 8.6 million customers will have access later this year.

Morgan Stanley stated that this move is part of its strategy to expand its market share in the cryptocurrency space. The company is betting on the gradual convergence of traditional finance and DeFi, and is expanding its business around cryptocurrency assets to attract users who previously had to go to other platforms.