On November 13, 2020, TradeStation Group announced that TradeStation Crypto, their crypto brokerage platform, had been awarded for one of their products. According to the announcement, TradeStation Crypto won the “Best New Product” award at the 2020 Benzinga Global Fintech Awards. The award was given in recognition of their crypto earning feature, which allows account owners to earn interest of up to 4% on their crypto holdings. The interest is awarded to crypto holders whether they are active traders or simply holding their assets for a longer-term investment.
A Closer Look at TradeStation Crypto
TradeStation Crypto launched in November 2019. It was amongst the first platforms to offer crypto users a true online brokerage model. The model is similar to what self-directed traders utilize for other asset classes such as futures, options, and equities.
Since its launch, TradeStation Crypto has continually launched innovative products and tools designed to meet the needs of today’s traders. These tools and products include an interest-earning feature, crypto deposits and withdrawals, and the ability to track losses and profits. Additionally, the platform offers mobile trading via the TradeStation mobile app.
What The Leadership Team Had To Say
According to John Bartleman, the TradeStation President, crypto trading was continuing to grow in popularity. He noted that in the current ultra-low interest rate environment, it has become a challenge for investors to earn interest on their cash. As a result, many investors are seeking out new ways to make returns via their crypto accounts.
He concluded by saying:
“As more traders and investors seek access to this growing asset class, we are honored that Benzinga has recognized TradeStation Crypto as the premier platform to allow traders to buy and sell cryptocurrency and earn interest on their holdings.”
Besides the award won by the TradeStation Crypto platform, TradeStation Securities, which is a subsidiary of TradeStation Group won numerous awards at the 2020 Benzinga Fintech Awards. In total, TradeStation Securities took home five awards including the Best Trading Technology and the best Brokerage for Options Trading.
Growing Popularity For Crypto Interest
Due to the COVID19 pandemic, various central banks globally have instituted quantitative easing measures. These decisions entail releasing massive amounts of cash into the economy, sometimes in trillions of dollars, as is the case for the US. Other monetary policies they have enacted include lowering interest rates to near-zero or negative, as is the case in some European nations. The net effect of these measures is that investors earn little to nothing from purchasing government bonds.
It is amongst the reasons why platforms that offer interest on digital assets have seen significant growth. CoinMarketCap recognized this trend and began tracking interest rates at these platforms a while back.
Back in October, Tradestation announced a collaboration with Zero Hash to build out its lending infrastructure. By working alongside Zero Hash, Tradestation is in a prime position to streamline loan submission and settlement. Zero Hash offers automation and real-time valuation tools that will be leveraged. It is also believed that Tradestation crypto will be the first company to utilize the technology. TradeStation crypto pays out interest on various digital assets such as Bitcoin, USDC, Litecoin, Ethereum, XRP, and others.
About Benzinga Global Fintech Awards
The awards are an annual affair that honors companies and individuals that are excelling in the financial services industry with impressive technological innovations and advancements. The 2020 awards ceremony was held virtually due to the COVID19 lockdown measures on November 10, 2020. It is a well-recognized and respected event. With the TradeStation Group winning so many awards via its subsidiaries, it shows that the company is serious about delivering reliable products for its customers in the crypto and fiat world.
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