Charles Schwab plans to offer spot trading for Bitcoin and Ethereum, aiming to attract clients who want to consolidate crypto holdings with their traditional assets.
Charles Schwab is preparing to expand its crypto offerings by launching spot trading for Bitcoin and Ethereum, according to CEO Rick Wurster.
In an interview with CNBC on Friday, Wurster said Schwab clients already hold significant exposure to crypto via exchange-traded products (ETPs), owning more than 20% of the industry’s crypto ETP market. However, he noted that crypto still represents a relatively small portion of clients’ total wealth, around $25 billion out of $10.8 trillion.
“We anticipate launching Bitcoin (BTC) and Ether (ETH) sometime soon so that our clients have access to that,” he said. “We think that will be an acceleration of our growth.”
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