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Charles Schwab confirmed on Tuesday that an initial group of eligible investors can now trade the two largest cryptocurrencies by market capitalization on its new platform. The launch follows plans first mentioned last year and later detailed in an April 16 press release.
Schwab Crypto is designed to operate alongside existing brokerage profiles rather than as a fully standalone service. Each client maintains a dedicated crypto account linked to their Schwab brokerage profile.
Charles Schwab Premier Bank will act as custodian for clients’ digital asset holdings, while Paxos—an OCC-regulated blockchain infrastructure firm—will handle trade execution, according to the company’s release.
Pricing is set at 75 basis points per trade, equivalent to 0.75% of the transaction’s dollar value.
At launch, the service went live in every U.S. state except New York and Louisiana. Schwab said clients can access direct crypto trading alongside other investments, supported by Schwab’s service, education, and research offerings.
Schwab surveyed nearly 500 current and prospective crypto investors between July and September 2025 to inform the platform’s design. The company said the survey results focused on trust in the Schwab brand, transparent pricing, and security.
Schwab’s crypto involvement had previously been limited to indirect products, including spot Bitcoin and Ethereum ETFs, options on those ETFs, crypto futures, and related funds.
The firm estimates its clients already hold roughly 20% of all spot crypto exchange-traded products in the market. The addition of direct spot trading represents an expansion of Schwab’s crypto offering.
Joe Vietri, Schwab’s head of digital assets, said the goal is to become the destination of choice for retail investors seeking to incorporate digital assets into their portfolios with confidence.
Schwab also plans to add more cryptocurrencies soon and to support deposits and withdrawals of digital assets previously held.
The rollout reflects a broader move by traditional financial firms into crypto services. Industry outlets have reported that most large U.S. banks now offer Bitcoin-related services or plan to do so. Morgan Stanley recently launched crypto trading on its ETrade platform, and Goldman Sachs has filed for a Bitcoin-related ETF.
Congressional discussions around the CLARITY Act could influence the regulatory landscape and the competitive environment for firms expanding into crypto, including Schwab.
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