Charles Schwab CEO Rick Worster confirmed that the brokerage plan will add Bitcoin (BTC) and Ethereum (ETH). Interview with CNBC July 18th.
According to Wurster, the move requires clients to be heavy to see all asset exposures on the same dashboard.
He said:
“Our clients are invested in crypto today.”
He explained that the company’s customers already own more than 20% of all US crypto exchange sales products (ETPs), worth around $25 billion. However, this number is only about 0.2% of the company’s $10.8 trillion in total client balance.
Wurster’s comments have been confirmed Reports from early May About the company’s interest in crypto trading services.
Clients seek custody of one seat
Wurster has assembled Spot Bitcoin and Ethereum Access as an integrated tool, rather than an adventure into speculative trading.
He said many households already hold 98% of their wealth in Schwab, but they can keep a small “one or two percent” slice on the expert crypto platform to hold the coin directly.
“We’re looking forward to seeing you in the future,” said Charles Schwab.
“They trust us, so they really want to take it back to Schwab.”
Additionally, he said that customers prefer to see crypto along with stocks, bonds and cash on a single dashboard.
Wurster hopes the rollout will “accelerate our growth” as Schwab is directly detained and the balance being parked elsewhere will move. He didn’t specify a start-up date, but only said that the service would arrive “quickly.”
Direct rivalry with Coinbase
When asked if the addition would set up a front-to-head contest with Coinbase, Wurster replied “Absolutely.”
He said Schwab hopes customers currently purchasing coins from Coinbase will transfer their holdings to Schwab. There, brokerages already offer round services, research tools and integrated portfolio reports.
Schwab’s upcoming services complement the crypto exposures it already supports through products traded on the exchange.
Wurster did not discuss fees, trade enforcement partners, or wallet architectures, but he emphasized that the company would apply the same custody standards it uses for traditional securities.