• Schwab CEO Rick Wurster confirmed the brokerage has begun rolling out direct spot crypto trading to clients this week, marking a major shift from indirect exposure via ETFs and futures.
  • The new offering, Schwab Crypto, initially supports Bitcoin and Ethereum, with plans to add more digital assets over time as regulatory clarity improves.
  • The move positions Schwab alongside competitors like Fidelity and Robinhood in offering regulated, on-platform crypto trading to retail investors.

A New Chapter for Schwab

Charles Schwab is making its long-awaited leap into direct cryptocurrency trading, with CEO Rick Wurster announcing the rollout has started this week. “We’ve begun offering Schwab Crypto to our clients, allowing them to buy and sell Bitcoin and Ethereum directly alongside their traditional investments,” Wurster said in an interview. “This has been a priority for us as we see growing demand from our client base.”

The launch comes after years of offering indirect crypto exposure through products like Bitcoin ETFs and futures, and signals a broader pivot toward direct digital asset services under Wurster’s leadership. The company has been building out a dedicated crypto desk and custody infrastructure to ensure compliance with evolving U.S. regulatory standards.

Stepping Into a Crowded Arena

Schwab’s entry intensifies competition among large brokerages vying for retail crypto traders. Fidelity has long offered crypto trading, while Robinhood has made digital assets a core part of its platform. By integrating crypto into its existing ecosystem—including the thinkorswim platform—Schwab aims to offer a seamless experience for its millions of clients. The company is also emphasizing competitive pricing and robust security controls, according to people familiar with the matter.

The timing aligns with improving regulatory clarity in the U.S., as agencies like the OCC and FDIC signal clearer pathways for banks and brokerages to custody and trade digital assets. “Regulated venues are becoming the norm,” said one industry analyst. “Schwab’s move validates that trend.”

Gradual Rollout Ahead

For now, Schwab Crypto is available to a subset of clients, with a broader rollout expected over the coming months. The firm plans to add additional cryptocurrencies based on market demand and regulatory guidelines. Wurster declined to comment on specific asset targets but noted the company is “committed to expanding responsibly.”

Shares of Schwab rose modestly on the news, reflecting investor optimism about potential fee revenue from digital asset trading and custody. However, some analysts caution that crypto’s volatility may pose risks to Schwab’s risk management framework. A spokesperson for Schwab did not respond to requests for comment on risk controls by press time.

Correction: An earlier version of this article misstated the launch date. The rollout began this week, not last month.