Bitcoin News Today: Charles Schwab to Offer Bitcoin Ethereum Trading Amid Client Demand

Charles Schwab CEO Rick Wurster confirmed during an interview that the brokerage firm plans to introduce Bitcoin (BTC) and Ethereum (ETH) trading for its customers. This announcement comes in response to significant client demand for a unified platform that allows them to view all their asset exposures in one place. Wurster emphasized that the firm's customers are already invested in cryptocurrencies, holding more than 20% of all crypto exchange-traded products (ETPs) in the US, valued at approximately $25 billion. However, this represents only about 0.2% of the firm’s total client balances of $10.8 trillion.

Wurster framed the addition of spot Bitcoin and Ethereum trading as a tool for consolidation rather than a foray into speculative trading. He noted that many households already keep the majority of their wealth at Schwab but maintain a small portion at specialist crypto platforms to hold coins directly. Wurster explained that clients prefer to have their crypto holdings alongside equities, bonds, and cash on a single dashboard, trusting Schwab for its custody services. He expects that once Schwab offers direct custody, balances currently parked elsewhere will migrate to the firm, accelerating growth. However, he did not specify an exact launch date, only stating that the service will be available "sometime soon."

When asked about the potential rivalry with Coinbase, Wurster confirmed that the addition of crypto trading services sets up a direct competition. Schwab aims to attract customers who currently buy coins on Coinbase to transfer their holdings back to Schwab, where the brokerage provides comprehensive services including round-the-clock support, research tools, and integrated portfolio reporting. Wurster did not discuss specific details such as fees, trade execution partners, or wallet architecture but assured that Schwab will apply the same custody standards used for traditional securities.