Schwab Enters Cryptocurrency Market with Spot Trading Launch

Charles Schwab is poised to enter the world of spot cryptocurrency trading, with plans to launch Bitcoin and Ethereum trading through its brokerage platform later this quarter.

The firm, which manages over $12 trillion in client assets, will introduce the new service in phases. Employees will receive early access during an internal testing phase before invited clients join, followed by a full public release.

Unlike traditional cryptocurrency exchanges, Schwab's platform will allow clients to trade digital assets directly within their existing accounts, without the need for a separate crypto wallet or exchange. This move marks a significant shift in Schwab's approach to cryptocurrency offerings and is seen as a bid to compete with established players in the space.