Morgan Stanley Expands Crypto Services for E*Trade Clients

Morgan Stanley, one of the world's largest wealth management firms, is expanding its cryptocurrency services for E*Trade clients. The bank plans to introduce trading on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) on its platform, which has over 8.6 million users.

The service will offer a lower cost compared to competitors like Coinbase and Robinhood, charging 50 basis points per transaction based on dollar value. This is also below the 75 basis points charged by Charles Schwab, which recently rolled out spot Bitcoin and Ethereum trading.

Morgan Stanley's move into cryptocurrency trading comes after the successful launch of its spot Bitcoin ETF earlier this year. The ETF, listed under the ticker MSBT, debuted with a 0.14% fee, lower than competing products. The fund has seen significant inflows, with over $181 million in cumulative net inflow as of May 5th.

The bank's expansion into cryptocurrency trading is part of its efforts to provide more comprehensive services for its clients. By offering lower costs and a wider range of options, Morgan Stanley aims to stay competitive in the market.