Financial Giant Charles Schwab Launching Bitcoin and Ethereum Trading, Taking Competition to Coinbase

Financial services giant Charles Schwab could soon roll out Bitcoin (BTC) and Ethereum (ETH) trading, according to the firm’s chief executive.

Charles Schwab CEO Rick Wurster says in a new interview with CNBC that they want to expand services for their clients, who are already significantly invested in crypto.

“Our clients hold more than 20% of the exchange-traded product crypto in the entire industry, so they’re invested. It’s still only about $25 billion out of the $10.8 trillion that our clients have, so it’s still relatively small, but our clients own a big part of the market.

We also anticipate launching Bitcoin and Ether sometime soon so our clients have access to that, and we think that’ll be an acceleration of our growth, because what we hear from many of our clients are that they have 98% of their wealth here at Schwab, and they might hold a percent or 2% at some digital native firm to hold their crypto, and they really want to bring it back to Schwab because they trust us, they want it to sit alongside their other assets, and so we think we’ll see some real growth when we bring those to market.” 

When asked if they plan to compete directly with Coinbase, Wurster responded, “Absolutely.”

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Featured Image: Shutterstock/Bruce Rolff