Here’s how big brokerage firms are breaking into bitcoin trading

Episode 23 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and ZeroHash’s Edward Woodford and tastytrade Inc founder Tom Sosnoff.

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Crypto brokers are making money hand over fist. 

The direct listing of Coinbase put on display just how much money such firms are making, with the exchange reporting nearly $2 billion in revenues during the first quarter of 2021. Much of those revenues were transactional and from trades made on its retail brokerage platform.

Other large brokerages want in on the action, according to Edward Woodford, CEO of crypto firm ZeroHash. The Chicago-based firm works with brokers to jumpstart their own solutions to serve retail clients. On this episode of The Scoop, Woodford joins options brokerage industry trailblazer Tom Sosnoff to discuss why brokers want to create one-stop shops for their clients by incorporating crypto trading as well as the revenue opportunities crypto presents.

Sosnoff founded tastyworks, which began offering crypto through a partnership with ZeroHash announced at the end of last year.


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Frank Chaparro covers the intersection of financial markets and cryptocurrency as Editor-at-Large. Since joining the publication in 2018 as its first reporter, he has played a key role in building The Block into a leader in financial journalism and research. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected]