A New Jersey-based startup is looking to compete with Coinbase by beating the exchange giant’s “unsustainable” transaction spreads and fees.
Stock brokerage firm DriveWealth has entered the cryptocurrency industry by launching two subsidiaries designed to allow its partners to offer crypto trading to retail investors.
DriveWealth is a New Jersey-based company backed by Japanese tech giant Softbank and is valued at $2.85 billion. The push into the crypto space was motivated by traders who are forced to trade across what DriveWealth CEO Bob Cortright“As regulatory environments tighten around crypto and customers get more focused on spreads and efficiency, we can’t continue in a world where you can charge 200 basis points on a transaction.”
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