Financial giant Charles Schwab has expanded its services to include direct cryptocurrency trading for retail clients. This move marks a significant development in the company's efforts to provide its customers with greater flexibility and access to digital assets.
The Schwab Crypto platform now allows users to trade Bitcoin, Ethereum, and other related assets directly. Previously, the company only offered indirect investments through ETFs and derivatives. The rollout of the service was announced last month and is initially available in most U.S. states, with the exception of New York and Louisiana.
Charles Schwab Premier Bank acts as the custodian for clients' cryptocurrency holdings, while infrastructure company Paxos handles trade execution. A separate account will be required for trading, and a 0.75% transaction fee applies. The company has emphasized that not all client categories will have access to this service.