New Jersey-based stock brokerage firm DriveWealth has launched two subsidiaries to support crypto trading services among retail clients.
BTCUSD is up +0.08%
The crypto offering would be implemented through Crypto-Systems, the firm’s recently acquired startup. Liquidity to partners looking to invest will be provided through the DriveLiquidity subsidiary.
The Softbank-backed firm has also unveiled DriveDigital, a subsidiary exchange where users trade Bitcoin and Ethereum.
DriveWealth CEO, Bob Cortright, notes that traders who are currently forced to trade in what he termed as an unsustainable transaction spreads on Coinbase informed the move.
Cortright adds that as regulations in cryptocurrency progress, customers are likely to focus on spreads and efficiency.
The executive also remarked that an increasing number of corporations were requesting access to liquidity and crypto services for their clientele. DriveWealth is currently valued at $2.85 billion.
Coinbase had more than 68 million users as of the third quarter of last year. The crypto exchange charges about 4.5% on transactions and a spread fee.