After SoFi’s Return, Charles Schwab Enters Retail Crypto Trading with Phased Rollout
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Charles Schwab has announced plans to roll out spot cryptocurrency trading to retail clients, marking a further expansion into digital assets.
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This follows earlier developments in the US market. Last year, SoFi resumed crypto trading for retail clients, becoming the first national bank to restore access under a revised regulatory framework.
At the time, several major institutions, including Morgan Stanley and PNC Financial Services, were preparing similar launches, reflecting a move toward direct crypto offerings.
Bitcoin, Ethereum Trading Coming to Schwab
Jonathan Craig, Head of Retail Investing at Schwab, Source: LinkedIn
The company said its new offering, Schwab Crypto, will begin a phased launch in the coming weeks. It will initially provide direct access to trading in Bitcoin and Ethereum. These two assets account for a large share of the overall crypto market.
The service will be integrated into Schwab’s existing platforms. Clients will be able to view and trade cryptocurrencies alongside traditional investments. The firm also plans to provide educational materials and continuous customer support.
Jonathan Craig, Head of Retail Investing at Schwab, said clients are seeking broader access within a single platform. He stated, “We know our clients want to conduct more of their financial lives at Schwab.”
He added that the new service allows clients to “trade it alongside their other investments,” while using Schwab’s existing tools and research.
Crypto Accounts Linked to Brokerage AccountsThe company said pricing will be set at 75 basis points per transaction. It also plans to expand the range of available digital assets over time and introduce transfer capabilities for deposits and withdrawals.
Schwab clients will open a separate crypto account linked to their brokerage account. Custody will be handled by Charles Schwab Premier Bank, SSB, while Paxos will provide sub-custody and execution services.
Schwab said the launch builds on existing client exposure to digital asset products, including exchange-traded products and derivatives tied to cryptocurrencies.
source: https://www.tradingview.com/news/financemagnates:455459703094b:0-after-sofi-s-return-charles-schwab-enters-retail-crypto-trading-with-phased-rollout/
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