Charles Schwab announces launch of spot Bitcoin and Ethereum trading
Popular banking firm Charles Schwab has rolled out direct Bitcoin and Ethereum trading to its U.S. retail customers via a new platform called “Schwab Crypto.” This platform will give the firms over 39 million account holders access to spot crypto purchases in addition to stocks and bonds. The brokerage firm confirmed on Tuesday that an initial group of eligible investors can now trade the two largest cryptocurrencies by market cap on its new platform. The launch follows plans Charles Schwab first mentioned last year and then went on to detail in an April 16 press release. How Schwab Crypto operates The platform is not a total standalone from existing account profiles. Each client will maintain a fresh crypto account linked to their brokerage profiles. Each trade costs 75 basis points, which equals 0.75% of the dollar value of the transaction. The service became live in every US state except New York and Louisiana at launch. “We know our clients want to conduct more of their financial lives at Schwab,” Jonathan Craig, Head of Retail Investing, said in the company announcement. “With Schwab Crypto, clients who want direct access to the asset class can trade it alongside their other investments, while benefiting from the service, education,