Charles Schwab has launched direct spot trading for Bitcoin and Ethereum for its retail client base of 40.1 million investors. The service is accessible through the new Schwab Crypto account, integrated into the company's existing platforms, including Schwab.com, Schwab Mobile, and the thinkorswim trading interface.
The brokerage firm partnered with Paxos to manage trade execution and sub-custody of assets. While the service is now fully available to eligible clients, it currently excludes residents of New York and Louisiana, as well as certain client categories. Transfers of digital assets into and out of accounts are being implemented in phases.
CEO Rick Wurster stated that the new offering serves as a source of transaction-based revenue for the company. Schwab manages approximately 40.3 million active brokerage accounts with $13.33 trillion in total client assets. The firm plans to expand its crypto offerings by adding Solana, Avalanche, and Chainlink by the end of 2026.
