ARTICLE AD BOX
Westlake, US: Charles Schwab Corporation, one of the leading US-based investment advisory firms, has announced its entry into the spot cryptocurrency market with its Schwab Crypto™ trading service. Through a phased launch, this service will allow its 39 million brokerage account holders to buy and sell Bitcoin and Ethereum directly.
This comes at a time when most investment advisory firms have joined the cryptocurrency bandwagon, with all of them managing upwards of $200 billion in crypto assets through ETFs and direct holdings.
Charles Schwab currently holds about $12 trillion in client assets, even though it has been relatively late to the crypto game. Until now, the company only had an indirect exposure to cryptocurrencies through ETFs and futures, with this spot trading service launched to meet growing demand from its clients.
“What we hear from many of our clients is that they have 98% of their wealth here at Schwab and they might hold a percent or 2% at some digital native firm to hold their crypto, and they really want to bring it back to Schwab because they trust us [and] they want it to sit alongside their other assets,” Charles Schwab’s CEO Rick Wurster said in an interview on CNBC.
Through Schwab Crypto™, investors can gain in depth education and resources from its in house Schwab Center for Financial Research and other content besides trading in other assets side by side through its other portals. Eventually, Schwab aims to add additional cryptocurrencies to the platform, besides Bitcoin and Ethereum, while allowing clients to deposit and withdraw existing digital assets and investments.
“With Schwab Crypto, investors can access familiar cryptocurrencies within an all‑in‑one investing and banking experience, backed by an ecosystem of education, tools, resources, and support so they can make informed decisions about how crypto might fit into their broader investing goals,” Joe Vietri, Head of Digital Assets at Charles Schwab, said in a press release.
“Whether you’re new to crypto and looking for a firm you know and trust, or you already own digital assets, our goal is to be the destination of choice for retail investors who want to incorporate digital assets into their portfolios with confidence,” he added.
English (US) ·