The American financial services giant 'Charles Schwab' announced that it will launch Bitcoin and Ethereum spot trading services 'in the near future.'
Since Rick Wurster took over as CEO of Charles Schwab early this year, he has been actively assessing the feasibility of opening cryptocurrency spot trading. In a recent interview with CNBC, he pointed out that as client demand becomes increasingly urgent, cryptocurrencies have now become a growth area that cannot be ignored by the company. He said:
Charles Schwab's clients are all investing in cryptocurrencies. In fact, our clients hold over 20% of the entire industry's cryptocurrency ETF products.
With the approval of Bitcoin and Ethereum spot ETFs in the United States last year, financial giants have accelerated their pace and expanded their layouts. Led by BlackRock's 'iShares Bitcoin Trust (IBIT)', Bitcoin ETFs have not only created the most dazzling new product record in the financial market this year but also continuously attracted major Wall Street giants to enter the cryptocurrency field.
Charles Schwab is naturally not falling behind; last year it quickly incorporated Bitcoin and Ethereum-related ETFs into its trading platform, with its product line spanning hybrid ETFs, mutual funds, Bitcoin options, and more.
Rick Wurster stated: 'We expect to launch Bitcoin and Ethereum spot trading soon, allowing clients to have more diverse investment options. This will significantly boost our business growth.'
As for whether this layout is driven by retail investors or institutional demand? Rick Wurster did not disclose. However, he pointed out that although cryptocurrency assets only account for about $25 billion of the $10.8 trillion assets managed by Charles Schwab, the proportion is minimal, but the market share of cryptocurrency assets in the hands of Charles Schwab clients should not be overlooked.
We often hear clients say this: they put 98% of their wealth in Charles Schwab, while the remaining 1% to 2% is placed on cryptocurrency platforms, simply to hold cryptocurrencies.
However, they actually hope to bring these assets back to Charles Schwab because they trust us and want these digital assets to be properly managed alongside other wealth.
When asked whether they would compete directly with cryptocurrency exchanges like Coinbase in the future, Rick Wurster bluntly said: 'Of course.'
He stated that the company is very pleased to see clients transferring their dispersed cryptocurrency assets back to Charles Schwab for unified management within a more trusted financial platform.
It is worth noting that the regulatory environment in the United States has seen structural easing. The Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve (Fed) have successively withdrawn many restrictions imposed after the FTX incident, allowing banks to legally engage in cryptocurrency custody and trading without prior approval. Although the three regulatory agencies recently issued a joint statement reminding that risks associated with cryptocurrency assets still exist, the policy tone is markedly different from the past.
"The next heavyweight player is here! Charles Schwab: 'In the near future' launching BTC, ETH spot trading" This article was first published on (Blockchain).
