Authored by Micah Zimmerman via Bitcoin Magazine,
Charles Schwab announced further details and plans in their attempt tolaunch direct spot bitcoin tradingthrough its new platform, Schwab Crypto™, signaling a major step by one of the country’s largest brokerage firms into the digital asset market.
The feature will roll out in phases over the coming weeks and will allow retail clients to buy and sell bitcoin and ethereum through existing Schwab platforms, the banksaid.
The move gives millions of Schwab clients the ability to trade bitcoin alongside traditional holdings such as stocks, ETFs, and mutual funds. Clients will access Schwab Crypto through Charles Schwab Premier Bank, SSB, which will act as custodian for the digital assets.
Blockchain infrastructure providerPaxoswill handle sub-custody and trade execution under a federally regulated trust structure.
“Clients want to conduct more of their financial lives at Schwab,” said Jonathan Craig, Head of Retail Investing.
“With Schwab Crypto, they can trade digital assets within their existing accounts while drawing on the service, research, and tools they rely on.”
At launch, Schwab Crypto will enable direct trading in bitcoin and ethereum, which together represent about three-quarters of global crypto market capitalization.
Schwab will charge a transaction fee of 75 basis points on the dollar value of each trade, placing its pricing at the low end of the brokerage industry. Over time, the firm plans to add more cryptocurrencies and enable transfer capabilities for deposits and withdrawals.
Schwab said its platform will integrate digital assets across Schwab.com, the Schwab Mobile App, and the thinkorswim® trading suite. Clients will retain access to Schwab’s 24/7 customer service network, digital asset education through Schwab Coaching®, and research from the Schwab Center for Financial Research.
Source: ZeroHedge News
