Paxos, a blockchain infrastructure platform, has launched a new service that allows financial advisors to trade cryptocurrencies within Paxos Crypto Brokerage.
This service allows brokers to provide a wealth management solution for financial advisors to trade cryptos on behalf of their clients. It will help advisors and their clients overcome barriers to accessing the fastest growing asset class.
A recent survey found that 94% of financial advisors received questions about crypto from clients, but only 15% of financial advisors allocated crypto in client accounts. Paxos Crypto Brokerage will help brokers engage with their clients in the benefits of the crypto ecosystem, including tax, allocation, settlement, and commission features.
It also enables several unique features that differentiate it from other crypto infrastructure providers. Including the ability for brokers to allow Registered Advisors (RAs) and Financial Advisors (FAs) to trade or manage end-user assets, verify the identity of RAs or FAs to meet compliance and attach an RA or FA to each transaction to create a clear record of discretion for each transaction.
“Crypto is growing across industries, and we’re proud to provide this new platform that enables financial advisors to access crypto for their clients,” said Walter Hessert, chief strategy officer at Paxos. “As interest in crypto continues to grow, it is important to recognize that the technology will underscore the success of a business or industry in this space. Our goal is to provide our customers with the ability to access seamlessly to cryptography safely and efficiently.
Interactive Brokers, one of the world’s largest online brokerage firms, has already launched access to crypto trading financial advice to this key customer segment.
“We are excited to provide access to the cryptocurrency markets for financial advisors who want to integrate digital assets into their clients’ portfolios,” said Steve Sanders, executive vice president of marketing and product development at Interactive. brokers. “Enabling cryptocurrency trading alongside the many other asset classes available on the Interactive Brokers platform is another example of our continued focus on providing financial advisors with the products and tools they need to build businesses. prosperous.”