During a recent interview aired on July 18th on a well-known business news channel,
Charles Schwab‘s Chief Executive Officer, Rick Wurster, publicly stated that the company has plans to enable its clientele to directly trade Bitcoin (BTC) and Ethereum (ETH).
Wurster cited considerable client interest as the primary motivator, indicating that customers desire a holistic view of their investments within a single platform.
He stated:
“Our clients are invested in crypto today.”
He further explained that Schwab’s clients currently hold over 20% of all crypto exchange-traded products available in the United States. This substantial holding equates to approximately $25 billion; however, this figure only represents roughly 0.2% of Charles Schwab’s total client assets, which stand at $10.8 trillion.
Wurster’s comments validate reports that emerged earlier this year in May suggesting that the firm was actively exploring cryptocurrency trading offerings.
Client Demand for Centralized Custody
Wurster emphasized that the addition of direct Bitcoin and Ethereum trading functionality is aimed at simplifying asset management for their clients. He described it as a tool for consolidation rather than a purely speculative endeavor.
He mentioned that while many households maintain a significant majority – approximately 98% – of their assets with Schwab, they often use specialized crypto platforms to manage a smaller allocation of their holdings, typically around “one or two percent”, to directly hold cryptocurrencies.
Charles Schwab’s CEO explained:
“They really want to bring it back to Schwab because they trust us.”
He further noted that clients have expressed a preference for viewing their cryptocurrency assets alongside more traditional holdings like stocks, bonds, and cash within a single, unified dashboard.
Wurster believes that launching these services will “accelerate our growth” due to the anticipated movement of balances from external platforms back to Schwab. He did not announce a precise launch date, stating only that it would be available “sometime soon.”
Direct Competition with Coinbase
When asked whether this new offering would position Schwab in direct competition with Coinbase, Wurster confirmed, stating “absolutely.”
He indicated that Schwab intends to attract customers who currently purchase cryptocurrencies on Coinbase to transfer those assets to Schwab, where the brokerage already offers 24/7 customer service, comprehensive research resources, and integrated portfolio reporting.
The planned service will supplement Schwab’s existing cryptocurrency exposure through exchange-traded products.
While Wurster did not discuss specifics related to fees, trade execution partners, or wallet infrastructure, he emphasized that Schwab will adhere to the same stringent custody standards that it applies to conventional securities.