Schwab CEO Confirms Crypto Trading Platform Development For Client Access
Charles Schwab plans to launch spot trading for Bitcoin and Ethereum in the near future. CEO Rick Wurster announced the development during a Friday CNBC interview. According to Cointelegraph, Wurster stated clients will gain access to Bitcoin and Ether trading "sometime soon."
The announcement represents a shift from previous timelines. Wurster had previously projected an April 2026 launch window for spot Bitcoin trading services. Schwab clients currently hold over $25 billion in crypto assets through exchange-traded products. The firm manages approximately $10.8 trillion in total client assets.
Schwab owns more than 20% of the industry's crypto ETP market share. Wurster noted that many clients keep 98% of their wealth with Schwab but maintain only 1% to 2% of crypto holdings elsewhere. The CEO expressed confidence that crypto trading services will accelerate company growth.
Why This Development Matters
Schwab's entry into direct crypto trading addresses a clear client demand for consolidated asset management. The company reported a 400% increase in traffic to its crypto website as evidence of growing investor interest. Wurster specifically mentioned clients want to "bring their crypto back to Schwab" from digital-native platforms.
The move positions Schwab to compete directly with crypto exchanges like Coinbase for institutional and retail trading volume. Traditional brokerages face pressure to match the comprehensive services offered by crypto-native platforms. PYMNTS research shows institutional adoption is rising despite regulatory uncertainty.
Regulatory changes in 2025 have enabled this expansion. Federal banking regulators including the OCC, FDIC, and Federal Reserve rescinded restrictive crypto guidelines issued after the FTX collapse. The policy shift allows banks to participate in crypto custody and trading activities. We recently reported that Deutsche Bank confirmed plans to launch crypto custody services by 2026, demonstrating broad traditional banking sector movement into digital assets.
Industry Transformation Accelerates
Schwab's announcement reflects a broader transformation among traditional financial institutions. Finance Monthly reports that major banks, asset managers and insurers are developing crypto products for institutional clients. The trend represents a shift from experimental pilots to full service offerings.
Bitcoin ETF adoption has provided a pathway for institutional crypto exposure. Institutional holders of US spot Bitcoin ETFs increased from 61 in March 2024 to over 3,300 by February 2025. XBTO data shows this growth demonstrates mainstream acceptance of regulated crypto investment vehicles.
The competitive landscape now includes both crypto-native exchanges and traditional brokerages. Established financial firms bring regulatory compliance expertise and existing client relationships. However, they must overcome technical integration challenges and internal risk management concerns. Industry observers note that custody solutions, insurance coverage and regulatory clarity remain key factors for institutional adoption success.
Traditional banks face client pressure to provide comprehensive crypto services. Survey data shows 88% of financial advisors received crypto-related inquiries in the past year. The convergence of traditional finance and digital assets appears permanent rather than cyclical. Schwab's timeline suggests measured infrastructure development while competitors rapidly expand their crypto capabilities.
