Charles Schwab, the financial giant managing over $10 trillion in client assets, is diving deeper into the crypto world. They’ve created a brand new executive position: Head of Digital Assets.
Meet the Crypto Chief
Joe Vietri, formerly in charge of Schwab’s branch network, will be the first to fill this crucial role. He’ll be steering Schwab’s overall crypto strategy.
Expanding Crypto Offerings
Schwab already lets clients invest in crypto through regulated products like Bitcoin ETFs (approved in January 2024). But this new position signals a much bigger push. CEO Rick Wurster hinted at offering direct spot cryptocurrency trading in the US once regulations allow. He mentioned this in a Bloomberg interview last November and reiterated the company’s interest during their fourth-quarter earnings call.
Growing Client Interest
Wurster highlighted the soaring interest in crypto among Schwab’s customers. Their dedicated crypto website saw a massive 400% increase in visitors during the last quarter, with 70% of those visitors being potential new clients. He emphasized that Schwab offers various ways to access crypto, including ETFs, futures, and other funds.
Disclaimer: This information is for general knowledge only and does not constitute financial advice. Always do your own research before investing in cryptocurrencies.
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