Market News

Charles Schwab Prepares to Launch Comprehensive Crypto Platform for Investors

Charles Schwab has unveiled details about its forthcoming “Schwab Crypto” platform, enabling eligible customers to buy and sell Bitcoin (BTC) and Ethereum (ETH) directly.

At the platform's launch, these two leading cryptocurrencies will make up approximately 75% of the total crypto market capitalization offered.

Looking ahead, Schwab plans to expand its offerings by incorporating additional cryptocurrencies and enhancing transfer capabilities for deposits and withdrawals.

The company emphasizes a commitment to investor education, providing clients with diverse learning materials and resources through its Schwab Center for Financial Research.

Pricing is another key aspect, as Schwab aims to offer some of the most competitive rates in the industry, charging only 75 basis points per trade.

Joe Vietri, Head of Digital Assets, highlighted the goal of creating an integrated investing and banking experience, catering to both new and seasoned crypto investors.

Jonathan Craig also noted that Schwab Crypto is tailored for retail customers seeking direct exposure to digital assets with the support of Schwab's robust service and tools.

Operationally, Schwab will establish separate crypto accounts linked to brokerage accounts, with CSPB acting as the custodian for clients' digital assets.

Paxos will handle sub-custody and trade execution, utilizing a regulated and secure framework to bolster Schwab's digital asset solutions.

As of now, Bitcoin is trading around $74,900, reflecting a notable weekly increase of 4.5%, though it faces resistance at the $76,000 mark.