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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Financial Advisors Managing $110 Trillion Can Now Offer Crypto Trading to Clients via Interactive Brokers

Registered investment advisors (RIAs) with about $110 trillion under management can now offer their clients cryptocurrency trading through Interactive Brokers. RIAs manage portfolios of almost 61 million clients.

Registered Investment Advisors Can Now Offer Cryptocurrencies to Clients

Global investment firm Interactive Brokers Group (Nasdaq: IBKR) announced Monday the launch of cryptocurrency trading for registered investment advisors (RIAs) in the U.S.

This offering will enable RIAs to “trade and custody bitcoin (BTC), ethereum (ETH), litecoin (LTC) and bitcoin cash (BCH) via Paxos Trust Company on behalf of clients.” They will be able to manage their clients’ crypto holdings alongside traditional investments, including stocks, options, futures, bonds, mutual funds, and exchange-traded funds (ETFs).

Nearly 14,000 investment advisors registered with the U.S. Securities and Exchange Commission (SEC) have reported nearly 61 million clients in 2020, according to a joint study by the Investment Adviser Association and National Regulatory Services. Both numbers are new highs for the industry. In addition, the industry has approximately $110 trillion in total assets under management.

The Interactive Brokers platform has about 1.33 million customer accounts and $330.6 billion in customer equity as of the first quarter. Clients from over 200 countries and territories invest globally in stocks, options, futures, currencies, bonds, and funds from a single integrated account.

Steve Sanders, Executive Vice President of Marketing and Product Development at Interactive Brokers, commented:

Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has steadily become more commonplace, and advisors may wish to recommend cryptocurrency to their clients.

Cryptocurrency trading with Paxos on Interactive Brokers’ RIA platform has commissions of between 0.12% and 0.18% of trade value, depending on monthly volume, the company detailed. Moreover, the notice adds that there are no added spreads, markups, or custodial fees.

The company noted that while the offering is only available to RIAs in the U.S. initially, it plans to “launch the service for financial advisors in other parts of the world, in the future.”

What do you think about RIAs being able to offer clients crypto trading through Interactive Brokers? Let us know in the comments section below.

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