Charles Schwab Appoints Crypto Chief, Expands Offerings Amid Growing Client Demand

Charles Schwab, a leading financial services firm, has created a new executive position, Head of Digital Assets, as it positions itself to offer crypto services, according to a recent report. The new role will oversee the company's overall crypto assets strategy, with Joe Vietri, a former head of the branch network at Charles Schwab, serving as the inaugural head of digital assets.

Charles Schwab, with approximately $10.33 trillion in total client assets, already provides its clients with exposure to crypto through regulated products such as spot Bitcoin exchange-traded funds (ETFs) that were approved in the US in January 2024. With Vietri at the helm, the financial services giant is poised to expand its range of crypto offerings.

In a November 2024 interview with Bloomberg Radio, Charles Schwab CEO Rick Wurster indicated that the firm was considering offering spot cryptocurrency trading services in the United States. He stated, "We will get into spot crypto when the regulatory environment changes, and we do anticipate that it will change, and we’re getting ready for that eventuality."

During the fourth-quarter earnings call, Wurster noted that Charles Schwab's customers have shown a growing interest in crypto assets. He said, "We’re doing really well in crypto. We have a lot of ways to meet our clients’ needs. ETFs, the crypto ETFs have really grown on our platform. You can buy futures, you can invest in a variety of closed-end funds and different products that will meet clients’ needs. We have a crypto site that we attract clients to. And in fact, in the fourth quarter, we had a 400% increase in the number of visitors to our crypto site. 70% of those visitors were prospects."