Charles Schwab has announced the introduction of direct trading for Bitcoin and Ethereum for its clients, which will strengthen its position in the cryptocurrency market.
New Opportunity for Schwab Clients
Charles Schwab will begin allowing clients to trade Bitcoin and Ethereum directly. CEO Rick Wurster confirmed these plans. Clients will be able to manage these cryptocurrencies alongside stocks and bonds within their existing Schwab accounts.
Legislative Support
Details about legislative support indicate that clearer rules in the U.S., such as the passing of the GENIUS Act, will aid in expanding cryptocurrency trading. This law sets rules for stablecoins, and banking regulators have also eased some restrictions, making it more practical for large financial firms like Schwab to handle cryptocurrencies.
Outlook and Results for Schwab
Recent financial results for the company show positive dynamics: quarterly profit rose by 60%, and client assets reached $10.76 trillion. However, the total crypto value on Schwab accounts remains relatively small, at about $25 billion. The firm believes that direct trading will meet increasing client requests and support future growth.
The introduction of direct trading for Bitcoin and Ethereum in Schwab's services reflects growing client interest in cryptocurrencies and the company's commitment to adapting to changing market conditions.
