Here’s what’s been happening on Wall Street overnight

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A trading company with 10 million customers is setting up a crypto desk for hedge funds and banks

Social trading platform eToro is setting up a new over-the-counter (OTC) trading desk in London for cryptocurrencies amid growing interest from institutional investors.

eToro CEO Yoni Assia told Business Insider: “We are launching an OTC desk for institutions. We’ve seen more and more interest from corporates and institutions.”

OTC desks cater to clients who want to place large orders that may otherwise move markets for certain assets. OTC brokers pool liquidity across different exchanges to fill these orders. eToro, which lets people trade stocks, crypto, and other assets, has connections to 15 cryptocurrency exchanges around the world and is planning to launch its own exchange.

Google struggling to retain black and Latino engineers

If you’re a black or a Latino software engineer, now might be a good time to file your resume with Google.

Not only is the search giant struggling to add workers from those groups to its ranks but it also faring poorly at keeping them around, according to Google’s annual diversity report released Thursday.

Google and the rest of the technology sector are trying to shed their reputations for not being inclusive. In the case of Google, the company at minimum deserves points for transparency, as managers each year reveal how they’re progressing at hiring more women and workers from minority groups.

Wells Fargo trying to compete with Square

In an effort to compete with digital point-of-sale (POS) and processing firms like Square, Wells Fargo is planning to simplify the price of the fees it charges small businesses to accept credit and debit card transactions, reports Bloomberg.

The changes will apply across the board to small businesses that make $US100,000 or less annually, eliminating the complicated fee structure that often varies between clients. Danny Peltz, head of treasury management and merchant services at Wells Fargo, told Bloomberg that business customers will also be able to apply online for payment processing capabilities.

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