Charles Schwab reveals plans to launch spot crypto trading
Charles Schwab announced today the launch of Schwab Crypto, a spot crypto trading service that will begin a phased rollout to retail clients in the coming weeks.
Schwab Crypto will provide direct access to bitcoin and ethereum trading, combined with educational content and experienced professional support all at a great value, News.Az reports,citing foreign media.
RECOMMENDED STORIES
In a recent Schwab survey of nearly 500 current and prospective cryptocurrency investors, respondents identified three key factors when choosing a firm for cryptocurrency trading: low, transparent pricing; brand familiarity and reputation; and confidence that assets will be kept secure.
“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.”
A holistic crypto investing experience
At launch, Schwab Crypto will include:
- Direct trading in bitcoin and ethereum, two of the most well-known and established cryptocurrencies, which together represent approximately three-quarters of the crypto market capitalization.
- In-depth digital assets education and resources, including insights and commentary from the Schwab Center for Financial Research and crypto-focused content through Schwab Coaching®, to help investors understand the digital assets market and how digital assets fit into a broader investing strategy.
- The ability to view and trade cryptocurrency and traditional investments side-by-side across Schwab.com, Schwab Mobile, and thinkorswim®, Schwab’s award-winning trading platform.
- Access to Schwab’s award-winning 24/7 support from thousands of tenured service professionals by phone or chat.
- Pricing among the lowest in the industry at 75 basis points on the dollar value of each trade.
Over time, Schwab plans to add additional cryptocurrencies to the platform, as well as transfer capabilities for both deposits and withdrawals, allowing clients with existing digital asset investments to bring them to Schwab alongside their other 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,” said Joe Vietri, Head of Digital Assets at Charles Schwab.
“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.
How Schwab Crypto works
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. 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. Utilizing a federally overseen trust model and proven enterprise-grade technology, Paxos enables the world’s most sophisticated financial institutions to bring digital asset solutions to their customers.
"Paxos is a strong partner for blockchain infrastructure. Their regulatory standing and digital asset expertise will help us deliver the seamless, integrated experience our clients expect from Schwab," said Vietri.
Schwab is already a leader in digital assets, with clients holding approximately 20% of spot crypto exchange‑traded products. The introduction of spot crypto trading builds on the many ways Schwab clients can already access digital asset investments including spot cryptocurrency Exchange-traded products (ETPs), crypto futures, options on spot crypto ETPs, crypto-related ETFs and mutual funds that invest in the broader digital asset ecosystem.
About Charles Schwab
At Charles Schwab, we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.
By Ulviyya Salmanli
Similar news
