
Charles Schwab Ready To Add Spot Bitcoin, Ethereum Trading Services For Its Clients ‘Sometime Soon’
During a recent earnings call, Charles Schwab CEO Rick Wurster revealed plans to offer direct Bitcoin (BTC) and Ethereum (ETH) spot trading support to the financial services company’s clients “sometime soon”. The announcement has sparked significant interest in the cryptocurrency market.
Wurster explained that some of Schwab’s clients currently hold crypto at small crypto-native companies, but they would prefer their holdings to “sit alongside their other assets.” He also mentioned that the brokerage’s customers hold over 20% of total assets in cryptocurrency exchange-traded funds (ETFs).
The CEO emphasized that Schwab intends to continue being an “innovative” company that supports disruptive assets like Bitcoin. Wuster first teased plans to introduce spot crypto trading in November 2024 and reiterated them in April, stating that the company was waiting for a positive regulatory catalyst.
Following Donald Trump’s return to the White House, Wuster expressed confidence that Schwab could expect a more favorable regulatory environment, which would enable it to extend its cryptocurrency services.
Apart from the planned spot crypto trading, Charles Schwab is also considering issuing its own stablecoin. The CEO pointed out that his company is exploring various methods for introducing this stablecoin, including collaborations, in-house development, or utilizing existing blockchain infrastructure.
The potential introduction of spot crypto trading for millions of Schwab customers could become a significant bullish catalyst for the alpha cryptocurrency, which has made considerable progress in terms of institutional adoption over the past year.
Source: zycrypto.com