Charles Schwab has announced the launch of Schwab Crypto, a new offering that enables direct Bitcoin and Ethereum trading within its brokerage platform. CEO Rick Wurster stated the service will begin with limited access this quarter before expanding to a broader client base.
Phased Rollout: Internal Testing, Pilot, Then Full Access
In earlier comments to Barron's, Wurster outlined a three-phase plan: internal testing first, followed by a small client pilot, and finally a wider launch. The staged approach aims to integrate crypto trading into existing systems without disrupting current workflows.
With approximately $12 trillion in assets under management and roughly 46 million client accounts as of February 2026, Schwab's direct crypto offering opens a massive pool of traditional investors. Previously, the firm offered indirect exposure through crypto-linked ETFs, stocks, and futures (including micro Bitcoin contracts), but direct cryptocurrency trading marks a new frontier.
Wall Street Races In: Morgan Stanley, EDX Markets Also Move
Schwab is not alone. Morgan Stanley plans to introduce crypto trading via its E*TRADE brokerage, supporting multiple digital assets. Meanwhile, Schwab-backed EDX Markets is seeking a national bank charter from the OCC. CEO Tony Acuña-Rohter said the exchange aims to serve large banks entering the crypto sector by providing compliant infrastructure.
These developments signal a systemic push by traditional finance to build the rails for direct digital asset participation. Schwab Crypto will be overseen by its banking unit SSB, reinforcing a regulated custody path.