According to CEO Rick Wurster, who spoke in a new interview with CNBC, Charles Schwab is preparing to join the Bitcoin trading arena. This positions Charles Schwab as a direct competitor to Coinbase, Wurster argued.
“Our clients are invested in crypto today,” Wurster said. “In fact, our clients are invested because they own more than 20% of the exchange-traded product cryptos across the industry.” Nevertheless, he said Crypto Holdings is currently “still relatively small, as it is only about $25 billion out of the $10.8 trillion our clients have.”
Wurster revealed that Charles Schwab “expects the launch of Bitcoin and Ether so that clients can access it. He added that the offering could serve as a key growth driver for the company.
Wurster explained that client demand is driving decisions. “What we’ve heard from a lot of our clients is that they have 98% of their wealth here in Schwab, and they may hold a percentage or 2% in digital native companies to keep the code. “They want it to sit with other assets, so I think we’ll see some real growth when we bring them to the market.”
When asked if Schwab would compete directly with Coinbase, Worthstar said, “I would definitely do that. If you’re buying ciphers at Coinbase, I’d love to see them bring the ciphers back to Schwab.”
The announcement comes on the same day President Trump is scheduled to sign the law on his genius act. This legislation establishes a regulatory framework for Stablecoins. Some believe this will lead to an increase in BTC trading volume.
Source: https://bitcoinmagazine.com/news/charles-schwab-to-launch-bitcoin-trading-directly-targeting-coinbase-users
