U.S. stock brokerage EF Hutton is hoping to educate investors interested in, but "confused" by, cryptocurrencies.
The company announced Wednesday that it is to publish research reports that will delve into into cryptocurrencies, specifically focusing on bitcoin, ethereum, XRP, EOS, litecoin, bitcoin cash and cardano.
The reports will include a daily crypto market update, 1–5 star ratings for specific tokens and an equity research report on firms operating in the space, according to a press release.
Christopher Daniels, EF Hutton's chief executive, indicated that the move is aimed at educating investors, saying:
"A great many investors are confused by the rapid developments in this new asset class. They know they can trust EF Hutton to guide them and to inform them about developments in this asset class. This is the first of many initiatives we are taking that adds value for our clients and customers."
The release stated that a small percent of U.S. investors hold cryptocurrencies like bitcoin, but claimed "many investors are interested" – a group that the firm hopes to tap into
Other arms of EF Hutton's parent company HUTN are already operating in the crypto industry, with its subsidiary Megga having developed its own token as part of a social platform.
The new research reports will be available on a monthly subscription basis, with three plans available.