Charles Schwab CEO says Bitcoin, Ethereum trading coming soon

Charles Schwab CEO Rick Wurster confirmed the brokerage plans to adhd Bitcoin (BTC) and Ethereum (ETH) trading for its customers during an interview with CNBC connected July 18.

According to Wurster, the determination comes amid dense lawsuit request to spot each their plus vulnerability successful the aforesaid dashboard. 

He said:

“Our clients are invested successful crypto today.”

He explained that the firm’s customers already clasp much than 20% of each crypto exchange‑traded products (ETPs) successful the US, worthy astir $25 billion. However, this fig amounts to lone astir 0.2% of the firm’s $10.8 trillion successful full lawsuit balances. 

Wurster’s remarks confirm reports from aboriginal May astir the firm’s involvement successful crypto trading services.

Clients question one‑stop custody

Wurster framed the spot Bitcoin and Ethereum entree arsenic a consolidation instrumentality alternatively than a task into speculative trading. 

He said galore households already support 98% of their wealthiness astatine Schwab but support a tiny “one oregon 2 percent” portion astatine specializer crypto platforms truthful they tin clasp coins directly. 

Charles Schwab’s CEO noted:

“They truly privation to bring it backmost to Schwab due to the fact that they spot us.”

Furthermore, helium said that customers similar to presumption crypto alongside equities, bonds, and currency connected a azygous dashboard.

Wurster expects the rollout to “accelerate our growth” due to the fact that balances parked elsewhere would migrate erstwhile Schwab offers nonstop custody. He did not specify a motorboat date, saying lone that the work volition get “sometime soon.”

Direct rivalry with Coinbase

Asked whether the summation sets up a head‑to‑head contention with Coinbase, Wurster answered “absolutely.” 

He said Schwab wants customers who presently bargain coins astatine Coinbase to transportation those holdings backmost to Schwab, wherever the brokerage already provides round‑the‑clock service, probe tools, and integrated portfolio reporting.

Schwab’s upcoming work volition complement the crypto vulnerability it already supports done exchange‑traded products. 

Wurster did not sermon fees, commercialized execution partners, oregon wallet architecture, but helium emphasized that the steadfast volition use the aforesaid custody standards it uses for accepted securities.

The station Charles Schwab CEO says Bitcoin, Ethereum trading coming soon appeared archetypal connected CryptoSlate.