The broader digital currency ecosystem is a major hotspot, and Charles Schwab is set to jump on the bandwagon. According to a spokesperson for the $7.13 trillion asset management firm, it is ready to commence crypto trading as soon as regulatory clarity is secured.
Charles Schwab difference
Many asset management firms are starting to offer crypto to their clients. As shared in a scoop spotlighted by ETF Store President Nate Geraci, some of Schwab’s clients are beginning to demand crypto-related products.
While the firm has yet to give an official update on its move for crypto, the spokesperson confirmed that the company is keeping a close eye on the trends.
Specifically, Charles Schwab’s incoming CEO, Rick Wurster, said the plan remains to offer crypto directly to the market. He claims the firm plans to “Schwabize the crypto market” by eliminating the spread and commissions on the digital currency market to offer clients a better deal.
Schwab spokesperson…
Company plans to offer spot crypto trading once the expected regulatory shifts occur.
CEO: “We also would like to directly offer crypto & Schwabize the crypto market.”
Can’t overstate how big of a deal this is.
via @strack_ben pic.twitter.com/GkRFoMNkkd
— Nate Geraci (@NateGeraci) November 27, 2024
It remains to be seen how the firm plans to do this, as many of its peers operate functional over-the-counter (OTC) trading.
In Nate Geraci’s opinion, the size of Charles Schwab’s current commitment to the crypto industry cannot be overstated.
Spot Bitcoin ETF way
Top institutional investment firms are getting involved with the crypto ecosystem differently. While companies like MicroStrategy have resorted to buying Bitcoin from the open market, some have chosen the spot BTC ETF route.
Asset managers like Susquehanna International Group chose to gain exposure to Bitcoin through ETF offerings. These investment vehicles have leveled the playing field for cryptocurrencies and the traditional final market. With it, conservative investors can get fully into the industry.
It remains unclear how Charles Schwab can enter the spot Bitcoin ETF niche. However, with options products now approved for the offering, the possibilities for the firm are growing.