Financial heavyweight Charles Schwab is stepping into the digital asset arena, announcing plans to offer spot cryptocurrency trading within the next year.
Wall Street giant Charles Schwab enters the crypto ring, promising direct digital asset trading by 2025.
The announcement came during the company’s 2025 Spring Business Update, where CEO Rick Wurster confirmed the brokerage giant’s intentions to launch direct crypto trading once the regulatory landscape becomes more welcoming.
This move isn’t happening in a vacuum.
The firm, which manages over $10 trillion in assets for approximately 37 million clients, has observed a 400% increase in traffic to its crypto-focused web content.
Similar to centralized exchanges, Schwab plans to implement robust security measures and regulatory compliance protocols to protect user assets.
Client demand is clearly driving this strategic pivot.
A revealing survey showed 62% of millennials want cryptocurrency included in their investment portfolios, a statistic Schwab cannot afford to ignore.
Currently, Schwab clients cannot directly buy or sell individual cryptocurrencies on the platform.
They must settle for indirect exposure through ETPs, futures, crypto-related stocks, or the company’s Crypto Thematic ETF (STCE).
This limitation has left Schwab watching from the sidelines while competitors like Robinhood and Webull capture market share in the growing crypto space.
To signal its commitment, Schwab appointed Joe Vietri as Head of Digital Assets, a newly created position.
The company has also recently partnered with TMTG for a fintech venture called Truth.Fi, further demonstrating its interest in digital finance.
Vietri will oversee the development of crypto capabilities, including the anticipated spot trading platform.
This approach aligns with broader industry trends as numerous financial institutions integrating crypto offerings become more commonplace.
The company’s stated goal is to “Schwabize” the crypto market—corporate speak for reducing spreads and commissions for everyday investors.
The timing of this announcement is particularly significant, as it suggests Schwab anticipates a potential shift in the regulatory environment, possibly with a new administration.
Wurster expressed hope for favorable regulatory changes “in short order,” though the firm is proceeding cautiously.
Whether Schwab can successfully compete against established crypto ETFs, like BlackRock’s, remains to be seen.
The traditional financial giant is arriving late to the crypto party, but its massive client base and trusted brand name might just make up for lost time.
For now, crypto enthusiasts and Schwab customers alike must simply wait and watch as this financial dinosaur learns to dance with digital assets.
