US-based financial giant Charles Schwab is preparing to enter the cryptocurrency market directly. According to the company’s plans, users will initially be able to trade Bitcoin and Ethereum through new services offered through the investment platform.
The company’s move is seen as part of its “super app” strategy, which aims to consolidate all financial services under one roof. Cryptocurrency-focused platforms, especially Coinbase, primarily implement this model. In contrast, it has been noted that traditional online brokerages have struggled to establish similar structures.
Related news Grayscale says Bitcoin price may rebound once Iran war ends
The new crypto account will initially be limited to Bitcoin and Ethereum, but the range of products will be expanded in the future. Charles Schwab previously launched a cryptocurrency-themed exchange-traded fund (ETF) after receiving SEC approval.
Meanwhile, it has been stated that the new crypto service will be available in all US states except New York and Louisiana. The platform is developed in-house and aims to be a fully integrated structure.
*This is not investment advice.
