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90 A Little-Known Broker Dominates Crypto Stock Tokens

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Yueqi Yang @ The Information 1 place · today 13:00 EDT

A Little-Known Broker Dominates Crypto Stock Tokens

The fast-growing business of trading U.S. stocks as crypto tokens is enabling overseas investors to buy and sell shares of companies such as Tesla and Nvidia. The $1 billion industry relies on one little-known brokerage.

Alpaca, a San Mateo, Calif.–based broker-dealer, maintains custody of nearly three-quarters of the market because few other brokers are willing to do the trades, which can open them to regulatory risks, such as potentially violating anti–money-laundering rules.

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