American TradeStation, a subsidiary of Japan's Monex Group, plans to launch a crypto-lending service.
The plan was announced in Monex's income statement published on 29 July. Crypto Earn is called the new lending service ‘C2B2B’, which provides companies with assets borrowed from customers.
In November last year, TradeStation launched a cryptocurrency brokerage platform through a newly established branch called TradeStation Crypto. They originally supported Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC) and Ripple (XRP).
TradeStation launched the app this month. Cryptocurrency is currently available in 40 US states.
Monex Group, which also owns the well-known Japanese digital currency company Coincheck, acquired TradeStation in 2011.
Targeted institutional investors
This new offering represents yet another traditional finance company entering the crypto-lending sector with increasing competition among lenders.
In an interview with Cointelegraph Japan in December 2018, TradeStation President John Bartelman made it clear that their goal is institutional investors:
“We plan to target professional investors as institutional investors, as opposed to Coinbase or Robinhood, which are primarily targeted at retail investors.”
Trade Station invested in the ErisX cryptocurrency exchange in Chicago in December 2018. In partnership with TradeStation, ErisX aims to “bring crypto to the traditional world of investing and trading.”