Charles Schwab (NYSE:SCHW) will soon offer crypto trading on its investment platform.
While this should come as no surprise, a better question is why it took the popular broker-dealer so long.
Today, the strategy is to be a “super App” or “Everything Platform.” Crypto native platforms like Coinbase have gotten there first as once innovative online brokers struggled with the concept. Perhaps they held a lot of meetings where memos were distributed.
The all-new Schwab Crypto account will initially offer trading in Ethereum and Bitcoin as it inches into the sector. The company already offered crypto-focused ETFs after they were approved by the SEC.
From inception, Schwab Crypto accounts will be available in all U.S. states except for New York and Louisiana. and will be offered by Charles Schwab Premier Bank, SSB, having built the platform in-house.
Schwab is also a founding backer of EDX Markets, an institutional-grade crypto exchange alongside Citadel Securities and Fidelity Digital Assets.