Charles Schwab, a leading US brokerage firm managing over $10 trillion in assets, is set to introduce spot cryptocurrency trading within the next year, according to CEO Rick Wurster.
During the company’s Spring Business Update, Wurster expressed optimism about launching this service as the regulatory landscape in the US evolves favorably. He emphasized that Schwab is on a solid path to offering direct spot crypto trading, a plan he initially discussed in a Bloomberg Radio interview last November.
Currently, Schwab offers crypto-linked exchange-traded funds (ETFs) and futures, but the addition of spot trading could significantly enhance its competitive edge against other brokerage firms like Robinhood and Webull.
Wurster noted that this move would not only increase accessibility and liquidity for crypto investors but also lend greater legitimacy to the digital asset market on Schwab’s platform.
The firm has already seen strong engagement with its existing crypto products, including ETFs and Bitcoin futures. Wurster reported a remarkable 400% increase in traffic to Schwab’s crypto-focused web content, with 70% of visitors being potential new customers rather than existing clients.
This surge indicates a growing interest in cryptocurrency, and Wurster believes that many in the industry are looking for a trusted brand like Schwab to guide them in their investments.
In addition to its crypto initiatives, Schwab has partnered with Trump Media and Technology Group (TMTG) to create a new financial services and fintech brand called Truth.Fi.
This division aims to offer a variety of investment products, including ETFs, separately managed accounts (SMAs), and cryptocurrencies. Schwab will provide asset custody and advisory services for Truth.Fi’s investment strategies, with an approved investment of up to $250 million focused on American growth sectors such as manufacturing and energy.
This partnership is seen as a natural extension of TMTG’s ecosystem, which began with the Truth Social platform and aims to provide investment opportunities for individuals seeking alternatives to mainstream financial institutions.
Overall, Schwab’s plans to enter the spot crypto market and its collaboration with TMTG reflect the firm’s commitment to expanding its offerings and meeting the evolving needs of investors in the digital asset space.
