Financial giant Charles Schwab is set to open the doors to crypto trading later this quarter, marking another milestone for crypto adoption and expansion by traditional finance. The firm revealed that “Schwab Crypto” is in development and will be offered through Charles Schwab Premier Bank, “positioning the product as a gateway for retail investors seeking direct exposure to leading cryptocurrencies such as Bitcoin”. The company has opened a waitlist for clients interested in early access, though availability will be subject to regulatory approval and eligibility requirements.
This is a notable shift for Schwab, which until now has limited crypto exposure to indirect investment vehicles, such as ETFs and crypto-related equities. The firm has some $12 trillion in client assets – money that soon can get direct exposure to Bitcoin and Ethereum. This development also underscores a broader trendthat traditional financial platforms are making it easier for everyday investors to buy crypto through the same systems they already use for stocks and ETFs.
“By enabling crypto trading directly within a familiar brokerage platform, Schwab is reducing friction and expanding access for more capital to flow into both BTC and ETH,” wrote TradingView in a recent article.
Schwab’s latest crypto move follows several months behind competitor Vangaurd – the world’s second-largest asset manager known to be risk-adverse. For years, Vanguard was the ‘anti-crypto’ giant: They blocked customers from buying spot Bitcoin ETFs and claimed digital assets had ‘no intrinsic value.’
This era is now gone. When the world’s largest asset managers reverse course on a new asset class, it is time for everyday investors to pay attention.