The CEO of financial services giant Charles Schwab says the firm is looking into launching a spot crypto trading platform for clients within the next year.
In the company’s Q1 earnings call, CEO Rick Wurster says he believes that Charles Schwab is a “great destination” for investors interested in crypto, and there’s an obvious new wave of interest in the asset class.
“And we’ve seen that in the level of new account growth and the level of engagement in our crypto site, where we saw a 400% increase in traffic to it recently, 70% of whom were prospects and what that – were not clients.
And what that says to us is that as people in the industry are thinking about crypto, they’d love to work with a trusted brand and a firm that can bring them a lot of capabilities, and we’re that firm. So as we roll out more and more new capabilities, we’re confident we will be a great destination for investors interested in crypto.”
Charles Schwab, which manages $9.93 trillion in total client assets, is now looking to roll out a new spot crypto trading service by 2026, according to Wurster.
“Our expectation is that with the changing regulatory environment, we are hopeful and likely to be able to launch direct spot crypto and our goal is to do that in the next 12 months and we’re on a great path to be able to do that.
So we’re excited about meeting our clients’ crypto needs, we believe we are doing a lot of that today but we’ll also add capabilities in the near term.”
Barron’s recently reported that Charles Schwab created a new executive position, “head of digital assets,” which will be responsible for the firm’s overall crypto assets strategy.
Joe Vietri, a former head of the branch network at the financial services giant, will serve as the inaugural head of digital assets.
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