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Charles Schwab, one of the largest financial institutions in the United States, has begun offering new accounts dedicated to trading digital currencies under the name “Schwab Crypto,” allowing qualified retail customers to buy and sell Bitcoin and Ethereum directly through its platform, as well as traditional investment assets.
According to the official announcement, the first batch of eligible customers will begin to enjoy the trading service on Tuesday. Currently, the online service is limited to most states in the United States. Except for residents of “New York”, “Louisiana” and U.S. territories, the service has not yet been opened to international users at this stage.
To activate a Schwab Crypto account, clients must have a qualified brokerage account with the company (either individual or joint) and meet relevant regulatory requirements in certain jurisdictions.
Schwab Premier Bank will be responsible for custody of the digital assets associated with the new service, while Paxos will manage trade execution and sub-custodial services.
The company also explained that transaction fees will be approximately 75 basis points.
Schwab launched a page on its official website last month dedicated to cryptocurrency services in an attempt to expand its reach among retail investors looking to invest directly in digital currencies, as traditional financial institutions accelerate their expansion into digital assets.
Schwab is one of the largest financial institutions in the United States. Founded in 1971, it manages an estimated $12 trillion in assets.
Despite the massive institutional expansion into digital currencies, the market has not shown a strong price reaction, with Bitcoin maintaining trading levels near $80,000 and Ethereum holding steady around $2,300.
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