American multinational financial services company Charles Schwab announced its plan to launch spot cryptocurrency trading within the next year, according to multiple sources.
The announcement, made by CEO Rick Wurster during a recent earnings call, shows the growing push by traditional finance firms to explore the crypto sector.
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$7.13T asset manager Charles Schwab to launch spot crypto trading within 12 months pic.twitter.com/K7G4lLQ4a4
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“Our expectation is that with the regularly changing environment, we are hopeful and likely to be able to launch direct spot crypto [trading], and our goal is to do that in the next 12 months,” Wurster said.
His comments come after a period of stunning performance for Schwab, including a 40% surge in quarterly profits.
The decision places Schwab amid a big institutions that are rushing to integrate cryptocurrency into their operations. Just weeks earlier, Morgan Stanley revealed plans to introduce spot crypto trading through its E*Trade platform by 2026.
Under US President Donald Trump’s pro-crypto administration, Wall Street is preparing for a future where digital assets sit alongside stocks and bonds in everyday investment portfolios.
Recent actions by the SEC, Federal Reserve, FDIC, and OCC to ease the burden for crypto innovation have made it easier for banks to engage with cryptocurrency.
Rules that once discouraged institutions from holding digital assets are now being rolled back.
Wurster also noted a sharp spike in interest: traffic to Schwab’s crypto portal recently rose 400%, with 70% of visitors being potential new clients. “Investors are looking to diversify”, he said, “and crypto is becoming part of that conversation.”
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