In a move reported by ChainCatcher, Charles Schwab, one of the largest U.S. financial services companies, has begun offering direct trading in bitcoin and ether to its roughly 40 million brokerage accounts. The product, named Schwab Crypto, is now live in 48 of the 50 U.S. states, with New York and Louisiana not included. Schwab charges a 0.75% transaction fee, and the service is operated by Charles Schwab Premier Bank in collaboration with Paxos. Joe Vietri, head of digital assets at Schwab, said the company wants to be the first-choice platform for retail investors looking to allocate to digital assets. He noted that Schwab's strengths in service, education and research will allow users to trade cryptocurrencies and other asset classes on the same platform. Schwab also issued a risk caution, saying that even a small allocation of just 1% to 3% to bitcoin or ether could create an outsized impact on investment portfolios, and that both assets have seen drawdowns of more than 70% during previous market cycles.
Charles Schwab has launched direct trading in bitcoin and ether for roughly 40 million brokerage accounts. The new service, called Schwab Crypto, is available in 48 U.S. states, with New York and Louisiana excluded. It charges a transaction fee of 0.75%, and is operated by Charles Schwab Premier Bank in partnership with Paxos.
Joe Vietri, head of digital assets at Schwab, said the company wants to be the go-to platform for retail investors allocating to digital assets. He cited Schwab's strengths in service, education and research, saying users can trade crypto and other investments on the same platform.
Schwab also reiterated a risk warning. Even a 1% to 3% allocation to bitcoin or ether could have an outsized impact on a portfolio, the firm said. Both assets have fallen more than 70% in past market cycles, it noted.
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