Charles Schwab is set to launch direct spot crypto trading within the next year, aiming to enhance its product offerings in response to increased demand for digital assets. The firm has reported a 400% rise in traffic to crypto-focused content and is positioned to compete more effectively against other brokers. Additionally, Schwab’s recent partnership with TMTG will facilitate a range of investment products aligned with American economic goals.
Charles Schwab, a prominent US brokerage managing over $10 trillion in assets, plans to introduce direct spot crypto trading within a year, according to CEO Rick Wurster. This initiative responds to growing demand for digital assets and aims to establish a trusted platform for direct trading as the US regulatory landscape improves.
During the Spring Business Update, Wurster outlined the company’s commitment to launching spot crypto trading, asserting that the firm is well-prepared for this venture, pending favourable regulatory conditions. He mentioned the strategic importance of these changes and echoed plans initially discussed in a Bloomberg Radio interview last November.
Currently, Schwab offers crypto-linked ETFs and futures, but spot trading could significantly bolster its competitiveness against platforms like Robinhood and Webull. The anticipated service is expected to enhance accessibility, liquidity, and legitimacy within the cryptocurrency market for investors using Schwab’s platform.
Schwab has noted a surge in interest, with traffic to its crypto-focused content increasing by 400%, indicating a broadening engagement with potential customers. Impressively, 70% of the increased traffic comprises new prospects, underscoring the strong reputation of Schwab as a trusted financial brand in the advancing crypto landscape.
Earlier this year, Schwab partnered with Trump Media and Technology Group (TMTG) to create Truth.Fi, a financial services and fintech division. This venture aims to provide various investment products including ETFs and Bitcoin. With a commitment to invest up to $250 million, Schwab will manage assets while focusing on growth sectors within the American economy and supporting the “Patriot Economy” concept.
