- Charles Schwab began rolling out direct Bitcoin and Ethereum trading to retail clients this week.
- The firm previously only offered crypto exposure via ETFs and crypto-related equities.
- Its CEO said the launch follows a successful employee pilot and improved regulatory clarity.
- Shares of SCHW rose around 1% on Wednesday following the announcement.
Global banking giant Charles Schwab opened access to Schwab Crypto accounts this week, allowing a cohort of retail users to trade Bitcoin and Ethereum directly alongside their traditional investments. This marks a significant expansion for the firm, which had previously limited client crypto exposure to ETFs and equities. According to a representative, the rollout began earlier this week for eligible clients who had signed up on an interest list.
Schwab CEO Rick Wurster previously told Barron’s the phased rollout would start in Q2 ahead of a larger expansion. The firm confirmed access will continue rolling out to eligible clients over the coming months. This move comes more than a year after President Donald Trump returned to office and instituted more crypto-friendly policies.
Consequently, the firm’s entrance into spot trading aligns with its stated need for improved regulatory clarity. Meanwhile, Wurster has indicated Schwab is interested in future exposure to other crypto sectors. Last year, he said the firm “do want to be able to offer” stablecoins during an earnings call.
In April, he also suggested the firm will likely offer prediction markets at some point, focusing on financial outcomes. Shares in Charles Schwab Corporation (SCHW) rose around 1% on Wednesday, trading near $91.18. Bitcoin and Ethereum were each down more than 1%, trading near $78,850 and $2,242 respectively.
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