Paxos Adds Financial Adviser Crypto Trading to Brokerage Platform

Regulated blockchain infrastructure firm Paxos wants to make it easier for broker-dealers to allow their financial adviser clients to trade and manage crypto assets for investors.

• Paxos’s financial adviser crypto trading addition is designed to expand on the company’s crypto brokerage platform. It will build out a broader wealth management system for advisers to better manage crypto assets for their clients.
• In its statement, Paxos cited a Bitwise survey from earlier this year, which found that only 15% of financial advisers were allocating crypto in client accounts, though 94% of financial advisers received questions on the subject from customers.
• Interactive Brokers has already launched financial advisor crypto trading via the Paxos crypto brokerage. The two previously teamed up last year when Interactive Brokers began offering crypto trading through Paxos.
• Scaling these platforms is key for Paxos, and in turn financial advisers, Paxos product head Kyle Libra told CoinDesk in a phone interview. The financial adviser user segment is largely left out of crypto, or crypto at scale, he added.

Read more: Where Crypto Fits in Wealth Management