$7 trillion asset manager Schwab to enter crypto market

Charles Schwab Corp, a $7 trillion asset manager based in Westlake, Texas, is seeking spot cryptocurrency trading soon.

Rick Wurster, chairman of Charles Schwab Corp, stated that the company wants to enter the spot crypto market after regulations become friendlier. This move follows the election of a pro-crypto presidential candidate in the US Donald Trump in early November.

In an interview with Yahoo Finance on Wealth on Nov. 21, he said the company wants to offer crypto directly to customers as soon as regulations change.

“We also want to offer crypto directly and Schwab is buying into the crypto market, which takes a lot of commission from the crypto space to create a better deal for clients. We were waiting for an environment of regulatory change to be able to do this,” Wurster said.

Recently, the company has witnessed a new wave of customers, mostly from the younger generation, around 60% of whom are under 40 years of age. Therefore, anticipating the changes, the company will diversify into crypto products including crypto ETF, Bitcoin futures and more. any other crypto fund.

Crypto education is also top of mind for these new CEOs, which is important for new clients to learn how to properly invest in digital assets. This focus can also shape the company’s differentiation from its competitors.

How are companies like Schwab changing crypto?

Charles Schwab is a company with a market capitalization of over $147 billion, known for its banking and investment services for the last 40 years.

Schwab is one example of how the crypto industry is changing the financial landscape. Since the mass adoption of the Bitcoin ETF earlier this year and Trump’s win in the US election, many companies around the world have shifted their products and services to serve digital assets, including Schwab.

The company’s current CEO, Walter Betingger II, will resign as he turns 65 next year. Wurster, who has served as president for the last 8 years, will serve as the new CEO.