Charles Schwab CEO Says Crypto Trading Can Become New Revenue Stream
Summary
- Charles Schwab said it plans to expand its cryptocurrency trading service to all eligible customers and develop it into a new revenue stream.
- It currently supports direct trading in Bitcoin (BTC) and Ether (ETH), and said it plans to add Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) by year-end.
- CEO Wurster said the company could generate additional revenue from customer trading activity by expanding into new areas such as cryptocurrency trading and prediction markets.
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Charles Schwab plans to expand its cryptocurrency trading service to all eligible customers and build it into a new source of revenue.
Bitcoin.com reported on October 16 that Chief Executive Officer Rick Wurster said at a company briefing the previous day that all customers can now use Schwab Crypto. The firm is also introducing a feature that will allow customers to transfer their cryptocurrency holdings to Charles Schwab.
Charles Schwab launched a pilot crypto trading service for some customers in May and has since widened access. It currently supports direct trading in Bitcoin (BTC) and Ether (ETH), and plans to add Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) by year-end.
Wurster said crypto trading could become a new revenue stream for the company. Charles Schwab is continuing to seek different ways to generate revenue on its platform, he said, adding that expanding into new areas such as crypto and prediction markets could bring in additional revenue from customer trading activity.
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