Charles Schwab has announced plans to launch spot cryptocurrency trading within the next year, linking this step to regulatory changes. CEO Rick Wurster shared details during the company's Spring Business Update.
Awaiting Regulatory Clarity
Wurster emphasized that Schwab's move toward offering spot crypto trading is closely tied to developments in U.S. regulations. "Our expectation is that with the changing regulatory environment, we are hopeful and likely to be able to launch direct spot crypto and our goal is to do that in the next 12 months," he stated.
Current Crypto Offerings
Although Schwab currently does not support direct crypto trading, it already offers exposure through crypto-linked ETFs and Bitcoin futures. Wurster noted the strong engagement these products have been receiving from customers.
Growing Interest from Prospective Clients
The company has seen a spike in interest from individuals seeking crypto-related information. Web traffic to Schwab's crypto content has surged 400%, with 70% of those visits coming from new prospects rather than existing clients. Wurster believes Schwab’s reputation positions it well to serve this growing audience.
Schwab is actively pursuing its crypto market plans and is well-positioned to engage a growing client base as it awaits changes in regulatory conditions.
