12 trillion dollar Charles Schwab is expected to start trading Bitcoin and Ethereum this quarter
Charles Schwab, the top brokerage that oversees more than $12 trillion in client assets, is preparing to launch a Schwab Crypto account to buy and sell Bitcoin and Ethereum.
Schwab's spot crypto trading is expected to go live later this quarter, as confirmed by CEO Rick Wurster during an earnings call last year.
Schwab plans to roll out the upcoming service in phases. Before the platform becomes accessible to all customers, employees will receive early access during an internal testing period, followed by their invited customers.
Change from indirect exposure
Until now, Swab's approach to digital assets has been based on indirect exposure through indirectly traded products, crypto-related stocks, futures contracts and thematic investment portfolios.
With the new offering, retail investors can buy and sell Bitcoin and Ethereum directly within Schwab's existing brokerage infrastructure.
The Service is operated by Charles Schwab Premier Bank, SSB, a regulated banking service.
Schwab aims to rival Coinbase in crypto offerings.
Wurster first hinted at Schwab's entry into spot crypto trading in late 2024, highlighting the firm's preparations for the changing regulatory landscape under the Trump administration.
Schwab already offers crypto-related ETFs and futures, but the launch of spot trading will allow the brokerage to compete with platforms like Coinbase, Robinhood and Webull, giving clients more direct access to Bitcoin and Ethereum.
Wurster Schwab says he's ready to challenge Coinbase for the next Bitcoin and Ethereum business. The organization is planning a stablecoin offering following the passing of the GENIUS stablecoin bill.
Disclosure: This article was edited by Vivian Nguyen. See our Editorial Policy for more information on how we create and review content.
