- Charles Schwab plans to launch a digital asset trading platform by 2026, entering direct competition with major crypto exchanges like Coinbase and Binance.
- CEO Rick Wurster highlights growing demand and increasing web traffic to Schwab’s crypto offerings as key reasons for the expansion.
- The move aligns with the U.S. administration’s push for clearer crypto regulations, which Schwab sees as favorable for launching new crypto products.
Leading brokerage firm with headquarters in the us, Charles Schwab, has announced that it would launch a trading platform for digital assets by next year.
Schwab’s move is significant as it is one of the most trusted firms in the traditional finance space. It also proves that there is an increasing demand for various options to invest in the cryptocurrency market.
In an official statement, the company’s CEO, Rick Wurster, stated that Schwab is positive that there will be favorable regulatory changes for the crypto market soon, which would make it easy for it to offer crypto trading and investment options for its customers. Should it launch its spot crypto trading platform, Schwab would become a strong competition for Coinbase, Binance and other leading crypto trading platforms.
By adding direct crypto trading to its current crypto-related products, Schwab would be expanding its reach within the crypto space. Wurster revealed that the company has recorded rising interest in its current crypto products, especially crypto ETFs and Bitcoin futures.
He added that web traffic to Schwab’s crypto content has increased by 400% lately, with 70% of these from those willing to become its customers. According to Wurster, this data is proof of the increasing interest in crypto investment options.
Charles Schwab Aligns with Clearer U.S. Crypto Regulations
Schwab’s interest in launching another crypto-related product follows the current U.S. administration’s plans to establish clearer regulations for the industry. In contrast to the previous administration, there has been a quickened progress regarding crypto legislation and favorable steps by top regulatory agencies like the U.S. SEC during this administration.
Schwab believes these positive conditions would continue, allowing it to launch its crypto trading platform before the end of next year. The broker is confident that its expertise, experience, and good name in the traditional finance space will give it an edge as it explores the crypto industry.
Besides offering its current crypto products, Schwab is also a custodian for Truth.Fi, a crypto investment platform that Trump Media and Technology Group launched recently.