Cheng Xin | Getty Images News | Getty Images
Charles Schwab is rolling out crypto trading, allowing clients to buy bitcoin and ether through a new arm called Schwab Crypto, the company said Thursday.
The move places the brokerage in direct competition with companies like Robinhood, which tend to serve a younger clientele. Schwab has been vocal for months about its clients’ interest in crypto investing.
“We know our clients want to conduct more of their financial lives at Schwab,” said Jonathan Craig, head of retail investing at Charles Schwab. “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, and research they expect from us.”
The company is partnering with Paxos on custody, which will allow crypto funds to sit in a separate Schwab account separate from the brokerage. The capability will be available in the coming weeks.
Shares were lower by 2% on Thursday following the companies quarterly financial results.
This is breaking news. Please refresh for updates.
About The Author
