Interactive Brokers Expands Crypto Offerings with Solana, Cardano, XRP, and Dogecoin

On March 26, Interactive Brokers, a brokerage firm with $9.3 billion in revenue for 2024, announced the addition of Solana (SOL), Cardano (ADA), XRP (XRP), and Dogecoin (DOGE) to its platform. These four coins have a combined market capitalization of $267.2 billion. This doubles Interactive Brokers' crypto offerings, which already included Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) since 2021. Trading and custody services are provided through Paxos Trust Company or Zero Hash LLC, which, as of June 2024, had processed $20 billion in transactions across 200 countries. Interactive Brokers promises low transaction fees, ranging from 0.12% to 0.18% per transaction, with a minimum of $1.75 per trade. This expansion occurs amidst a broader trend of financial firms increasing their crypto token offerings and a shift towards regulatory collaboration, as seen with the EU's MiCA regulation and the US's focus on stablecoins.