Charles Schwab is preparing to offer clients direct access to cryptocurrencies, joining a growing group of traditional financial institutions that have moved into digital-asset services.
The firm plans to roll out “Schwab Crypto” through its Premier Bank platform, enabling eligible customers to buy and sell Bitcoin (BTC) and Ethereum (ETH) directly, according to disclosures on the company’s website.
Charles Schwab’s New Crypto Service
Charles Schwab’s announcement makes clear that the new offering will not be open to everyone. The firm says not all applicants will qualify, and accounts will be available in every US state except New York and Louisiana.
Company leadership has signaled a cautious, phased approach to the launch. CEO Rick Wurster told investors last month that Schwab will initially support only Bitcoin and Ethereum and is “extremely confident” in the technical work required to integrate crypto trading into its systems.
Charles Schwab’s CEO also described a staged rollout: the exchange will first test the platform internally with employees, then open access to a limited group of customers, and only after that offer the service broadly to its investor base.
Launch Date And Fees Still Unknown
Until now, Charles Schwab investors seeking crypto exposure have had to rely on alternative products available through the broker. The firm already provides access to crypto exchange-traded products (ETPs), crypto-related equities, Bitcoin futures, and listed options tied to spot Bitcoin ETPs.
Schwab Crypto would, if launched as described, mark a move into direct custody-and-trading services for the two largest digital assets. A few details remain unsettled. Schwab has not yet disclosed the exact launch date or the final fee structure for Schwab Crypto.
Those decisions could be influenced by recent market conditions: falling prices in the cryptocurrency market may prompt the firm to delay its public rollout until conditions stabilize or until its testing phases are complete.