Charles Schwab is preparing to launch crypto trading accounts, offering its vast client base direct access to Bitcoin and Ether. The financial services giant, managing over $12 trillion in assets, announced that "Schwab Crypto," offered through Charles Schwab Premier Bank, SSB, is "coming soon". This move was foreshadowed by CEO Rick Wurster, who noted the continued client demand for direct cryptocurrency holdings despite the availability of crypto ETFs.
Schwab's entry into direct crypto trading pits it against established crypto platforms like Coinbase, Robinhood, and Webull. Wurster initially hinted at this strategic shift in late 2024, anticipating a more favorable regulatory environment. The company has also expressed interest in additional crypto-related products, including a potential stablecoin offering, pending the passage of the GENIUS stablecoin bill.
The initial offering will be limited to Bitcoin and Ether, and the service will not be available in New York or Louisiana. Schwab already provides access to the crypto ecosystem through spot Bitcoin and Ether ETPs, crypto-related ETFs and stocks of companies in the crypto and digital asset space. Clients with futures accounts can also trade crypto futures, and those with options approval can trade options on crypto ETFs.
While Schwab acknowledges the speculative nature of cryptocurrencies, its move to offer direct trading reflects the increasing demand for digital assets among mainstream investors. This positions Schwab as a significant player in the evolving landscape of crypto investment.
