Morgan Stanley Undercuts Rivals On Pricing In Crypto Trading Debut 7
Morgan Stanley is adding crypto trading to E*Trade, with a pilot now underway and a broader rollout planned for the platform's 8.6 million customers later this year. The bank is reportedly undercutting rivals with a 50-basis-point trading fee as it bets traditional finance and DeFi will converge.
"By contrast, Robinhood Markets' (HOOD) fees start at 95 bps, Coinbase Global's (COIN) begins at 60 bps, and Charles Schwab (SCHW) will charge 75 bps," notes Seeking Alpha. Morgan Stanley's head of wealth management, Jed Finn, told Bloomberg: "This is much bigger than trading crypto at a cheaper rate. In a way, the strategy is disintermediating the disintermediators."
"By contrast, Robinhood Markets' (HOOD) fees start at 95 bps, Coinbase Global's (COIN) begins at 60 bps, and Charles Schwab (SCHW) will charge 75 bps," notes Seeking Alpha. Morgan Stanley's head of wealth management, Jed Finn, told Bloomberg: "This is much bigger than trading crypto at a cheaper rate. In a way, the strategy is disintermediating the disintermediators."
The real economy is E*fcuked (Score:2)
ClippyAI: One basis point is equal to one-hundredth of one percent (0.01%)
Can you imagine how much worse 2008 would be (Score:4, Interesting)
And no I'm not some dumb gold bug. We came off the gold standard because there isn't enough gold on the planet to represent the amount of economic activity human beings are capable of engaging in.
But you kind of want your fiat currency to be backed up by little things like a functioning national government and regulation and an actual military. Not some schleps in a basement doing whatever.
"Converge" - nah! (Score:2)
as it bets traditional finance and DeFi will converge
Nah - as I've said before [slashdot.org], the "crypto bros" are simply trying to wrestle the current financial system away from the "Wall Street bros" with one of their own making so they become the dominant ones. Nothing more.