Interactive Brokers expands crypto offerings with new tokens

GREENWICH, Conn. - Interactive Brokers Group, Inc. (NASDAQ:IBKR), a global electronic broker with a market capitalization of $64.35 billion and an impressive 90.65% gross profit margin, has expanded its cryptocurrency offerings to include Chainlink (LINK), Avalanche (AVAX), and Sui (SUI). According to InvestingPro analysis, the company maintains a "GREAT" financial health score, positioning it strongly in the competitive fintech landscape. These additions complement the existing lineup of digital assets available for trading on the platform, which includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Solana (SOL), Cardano (ADA), Ripple (XRP), and Dogecoin (DOGE).

Clients with accounts at Zero Hash LLC are now able to trade the newly listed tokens, which are part of Interactive Brokers' strategy to meet the growing demand for cryptocurrency trading. According to Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, the integration of these new tokens allows investors to diversify their portfolios with digital assets easily and cost-effectively on the same platform they use for other financial instruments. The company's strategic expansion comes amid strong revenue growth of 17.65% in the last twelve months, demonstrating its ability to capitalize on market opportunities. InvestingPro analysis suggests the stock is currently trading below its Fair Value, presenting a potential opportunity for investors.

The platform, accessible to eligible clients of Interactive Brokers LLC (IB LLC), offers a unified interface for managing and viewing all account balances and positions, including spot cryptocurrency positions and hedging instruments like crypto futures, options, and ETFs. Interactive Brokers highlights the competitive pricing of its cryptocurrency trading, with commissions ranging from 0.12% to 0.18% of trade value based on monthly volume, and a minimum order cost of $1.75, without additional spreads, markups, or custody fees.

Edward Woodford, Founder and CEO of Zero Hash, expressed support for Interactive Brokers' expansion of its digital asset offering, emphasizing the seamless access to new tokens provided by Zero Hash's infrastructure.

Interactive Brokers clients trading cryptocurrencies can hold USD and cryptocurrencies in their account, trade 24/7, place non-marketable limit orders, and withdraw crypto to external wallets, among other features.

Zero Hash LLC is registered with FinCen as a Money Service Business and operates as a regulated Money Transmitter in 51 U.S. jurisdictions, with the necessary licensing for virtual currency business activity by the New York State Department of Financial Services.

This expansion is part of Interactive Brokers Group's ongoing efforts to provide sophisticated trading tools and cost-effective investment options to its clients across more than 160 global markets. The company has maintained dividend payments for 16 consecutive years, reflecting its commitment to shareholder returns. For deeper insights into IBKR's financial health and growth prospects, including 12 additional ProTips and comprehensive analysis, visit InvestingPro, where you can access the detailed Pro Research Report covering what really matters about this leading fintech company. The information in this article is based on a press release statement by Interactive Brokers Group, Inc.

In other recent news, Interactive Brokers Group, Inc. reported strong trading metrics for March, with Daily Average Revenue Trades (DARTs) reaching 3.471 million, reflecting a 44% increase from the previous year. Client equity rose to $573.5 billion, marking a 23% year-over-year growth. The company also saw a 32% increase in client accounts, totaling 3.62 million by the end of March. In another development, Interactive Brokers announced updates to its IBKR Desktop platform, enhancing its trading capabilities with features like multi-monitor support and extended overnight trading hours for U.S. stocks and derivatives.

Additionally, Interactive Brokers expanded its product offerings in Canada with the launch of Forecast Contracts, allowing investors to speculate on economic, political, and climate events. The company has further broadened its cryptocurrency trading services by adding Solana, Cardano, Ripple, and Dogecoin to its platform. In corporate governance, Interactive Brokers appointed Lori Conkling as an independent director, bringing her extensive media industry experience to the board.

These developments underscore Interactive Brokers' ongoing efforts to provide advanced trading tools and expand its market offerings. The information is based on recent press release statements from Interactive Brokers Group, Inc.

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