Charles Schwab, a major financial player, is planning to offer trading in Bitcoin (BTC) and Ethereum (ETH). This move directly challenges current crypto giants like Coinbase.
Schwab CEO Confirms Crypto Plans
CEO Rick Wurster told CNBC that the company is responding to client demand. Schwab clients already hold a significant chunk—over 20%—of all exchange-traded crypto products. While this represents only a small fraction (around $25 billion) of their total $10.8 trillion in assets, it’s a substantial portion of the crypto market.
Wurster explained that many clients currently split their investments, keeping the majority with Schwab and a smaller percentage (1-2%) in crypto with other companies. He believes offering BTC and ETH trading will bring those assets back to Schwab, boosting growth. Clients, he says, prefer to manage all their investments in one place, especially given their trust in Schwab.
Direct Competition with Coinbase
When asked if this means direct competition with Coinbase, Wurster answered a resounding “Absolutely.” This signals a significant shift in the crypto trading landscape, with a major traditional finance player entering the arena.