$12 trillion asset manager Charles Schwab will launch spot Bitcoin and Ethereum trading for retail clients “in the coming weeks.” According to a Thursday press release, Charles Schwab announced Schwab Crypto™, a spot crypto trading offer that will begin a phased rollout shortly.
Schwab Crypto will provide direct access to Bitcoin and Ethereum trading, combined with educational content and experienced professional support. Schwab clients will maintain a separate crypto account through Schwab Crypto, offered by Charles Schwab Premier Bank, SSB (“CSPB”), linked directly to their brokerage accounts. In addition, CSPB will serve as the custodian of clients’ digital assets, responsible for safekeeping and record-keeping. Paxos, a leading OCC-regulated blockchain infrastructure provider, will deliver sub-custody and trade execution services
The firm’s CEO, Rick Wurster, first shared the project last Summer, saying that their clients want to bring their crypto asset holdings to Schwab. The firm’s clients already hold approximately 20% of all spot crypto ETFs, according to Schwab’s press release. “We know our clients want to conduct more of their financial lives at Schwab,” said Jonathan Craig, Head of Retail Investing at Charles Schwab. “With Schwab Crypto, clients who want direct access to the asset class can trade it alongside their other investments, while benefiting from the service, education, and research they expect from us.”
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Per Charles Schwab, Schwab Crypto will include direct trading in Bitcoin and Ethereum, as well as in-depth digital assets education. Additionally, Schwab customers view and trade their cryptocurrency and traditional investments side-by-side across Schwab’s platforms, including Schwab.com, Schwab Mobile, and thinkorswim. Furthermore, the firm says it plans to add additional cryptocurrencies to the platform, as well as transfer capabilities for both deposits and withdrawals. This would allow clients with existing digital asset investments to bring them to Schwab alongside their other investments, making Charles Schwab the home for their crypto portfolios.
