The consortium of companies behind the challenge contains enterprise capital companies Sequoia Capital and Paradigm, in addition to just a few retail brokerages, the supply stated.
The challenge, which was first reported by CoinDesk, continues to be very early in its improvement, the supply stated.
Bloomberg reported the companies had been growing a crypto providing with assist from Fidelity Investments and Charles Schwab Corp that will widen entry to digital belongings, citing folks conversant in the matter.
Schwab advised Reuters on Tuesday it had made a minority, passive strategic funding in a brand new digital asset enterprise.
“We acknowledge that there’s appreciable curiosity in cryptocurrencies … and can contemplate introducing direct entry to cryptocurrencies when there may be additional regulatory readability,” Schwab stated in an announcement.
The product, nonetheless in its early improvement, may very well be out there late this 12 months or early subsequent, the Bloomberg report stated.
(Reporting by John McCrank; Additional reporting by Praveen Paramasivam in Bengaluru; Editing by Chris Reese and Shinjini Ganguli)