Charles Schwab to launch direct bitcoin, ethereum trading to compete with Robinhood

Charles Schwab launches crypto trading allowing customers to buy bitcoin And ether through a new arm called Schwab Crypto, the company announced Thursday.

The move puts the brokerage in direct competition with companies such as: robinhoodIt’s a company that caters to a relatively younger clientele and also blends stock and crypto investing, as well as a number of other financial services.

Schwab, one of the world’s largest brokerage firms with more than $11 trillion in client assets, has been expressing its clients’ interest in crypto investing for months. This capability will be available in the coming weeks.

“We know our clients want to spend more of their financial lives at Schwab,” Jonathan Craig, head of retail investing at Charles Schwab, said in a statement. he said. “Clients who want direct access to the asset class with Schwab Crypto can buy and sell it alongside their other investments while benefiting from the service, education and research they have come to expect from us.”

This move further blurs the lines between the traditional financial industry and the growing world of crypto assets and digital finance. Schwab is the latest example of growing acceptance of digital assets by major banks, asset managers and brokers who previously stood on the sidelines to launch crypto offerings and feel they can do so better given the Trump administration’s friendly regulatory stance toward the new industry.

The company will charge a 0.75% fee on each transaction. By comparison, Robinhood still offers commission-free trading and fees coinbase varies depending on the level.

Schwab is partnering with Paxos under supervision, which will allow crypto funds to be stored in a separate Schwab account from the brokerage firm.

Shares fell 2% on Thursday following the company’s quarterly financial results.

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