Charles Schwab, with '₩1.8 quadrillion' under management, to support spot crypto trading… launch as early as Q2

Charles Schwab, a major U.S. brokerage, is set to launch spot trading services for Bitcoin and Ethereum. Schwab has opened a “Schwab Crypto” page in its investment product list on its official website, signaling that the launch is imminent.

According to Decrypt on the 3rd (local time), Schwab said, “We plan to launch spot digital-asset (cryptocurrency) services starting with Bitcoin and Ethereum in the first half of this year,” adding, “We are currently accepting online pre-registration and early-access requests.”

The digital-asset service will initially be available to U.S. residents except those in New York and Louisiana. Schwab has previously offered indirect exposure through crypto-related exchange-traded products (ETPs) or related stocks such as Coinbase and MicroStrategy, but this will be its first service enabling direct spot holdings.

Schwab currently has about $12.2 trillion in assets under management. The rollout is expected to mark an inflection point in crypto’s move into the financial mainstream. Recently, it has also expressed strong interest in stablecoins. CEO Rick Wurster said on an earnings call, “Stablecoins will play an important role in blockchain transactions, and we want to be able to offer that.”