Charles Schwab to Offer Spot Cryptocurrency Trading, CEO Regrets Not Investing in Cryptocurrency
Charles Schwab, which manages nearly $10 trillion in client assets, not only appears on the list of convertible bondholders of MicroStrategy, the upcoming CEO Rick Wurster also stated that Charles Schwab will soon provide spot cryptocurrency trading. He regrets not buying cryptocurrencies himself and will also support his clients in investing in cryptocurrencies. (Taiwanese financial institutions are also crazy about MicroStrategy convertible bonds, with Cathay, Fubon, and Yuanta all participating)
Charles Schwab Corporation, managing nearly $10 trillion in client assets, is a US multinational financial services company founded in 1971 by Charles R. Schwab. The company is headquartered in Texas and has over 380 branches in the US and UK. Its stockbrokerage business provides trading services for stocks, bonds, options, and other securities.
In 1974, Charles Schwab became a pioneer in discount brokerage, offering low-cost and efficient order execution services. Over time, the company has continued to innovate, introducing services such as 24/7 support, commission-free mutual fund supermarket, custody services, and online trading. Charles Schwab currently manages approximately $9.85 trillion in client assets and has over 36.1 million client accounts.
Charles Schwab will soon provide spot cryptocurrency trading. Rick Wurster, the current president of Charles Schwab and the upcoming CEO, stated in an interview with Bloomberg that once US regulations become more favorable, the company will seek to offer spot cryptocurrency trading. This is even more likely to happen once Trump takes office.
“When the regulatory environment changes, we will enter the spot cryptocurrency field. We do expect it to change, and we are preparing for this possibility,” said Wurster.
Charles Schwab currently offers cryptocurrency-linked exchange-traded funds (ETFs) and cryptocurrency futures. Wurster acknowledged that cryptocurrencies have indeed attracted a lot of attention and have made many people money.
“I haven’t bought cryptocurrencies yet, and now I feel foolish,” he added.
However, Wurster is not currently planning to invest in cryptocurrencies himself, but he supports Charles Schwab clients who want to purchase cryptocurrencies.
Financial institutions compete to attract retail investors’ funds. Since the outbreak of the pandemic, competition for retail investor funds has intensified, especially since the US presidential election, which has stimulated the surge of “Trump trading” and its market activities. Charles Schwab, Fidelity Investments, and Interactive Brokers Group Inc. have long been involved in this field and face challenges from new companies such as Robinhood Markets Inc. and Webull. Both newcomers and established companies are vying to introduce new products for investors.
Charles Schwab experienced leadership changes earlier this year. Walt Bettinger, the former CEO who has led Charles Schwab since 2008, will turn 65 next year and has decided to pass on the CEO position to Wurster. Wurster has been working at Charles Schwab since 2016 and has been the president since 2021.
