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Charles Schwab fully opens crypto trading,CEO saying it will expand trading revenue through crypto and prediction markets

BlockBeats reports that October 16, U.S. brokerage Charles Schwab announced that it has completed the broad rollout of Schwab Crypto to retail customers, and eligible customers can now trade Bitcoin and Ethereum directly. The company has also begun a phased rollout of crypto asset transfers in and out, and plans to add 2026 by the end of Solana, along with Avalanche and Chainlink.

Charles Schwab CEO Rick Wurster said at the fall business update that cryptocurrency trading will become an important channel for expanding the company’s transaction-based revenue, helping the platform improve the monetization efficiency of customer assets and trading activity alongside new businesses such as prediction markets. Schwab currently manages approximately 13330000000000 USD in customer assets and has 40300000 active brokerage accounts, giving its crypto business a significant existing customer base.

Currently, eligible users can trade BTC and ETH through Schwab.com, Schwab Mobile, and thinkorswim. Paxos provides execution and secondary custody support for the trades, with a fee of 0.75%, and individual transaction amounts ranging from 1 USD to 2000000 USD. Customer holdings will be displayed alongside stocks, bonds, and ETF within Schwab’s existing account system.

Crypto transfer services remain subject to a relatively strict risk-control framework. Schwab has opened Bitcoin and Ethereum deposits and withdrawals to some customers; new withdrawal addresses must be registered and undergo a 24-hour waiting period. Withdrawals are capped at 24 hours per 3 transactions, with each transaction limited to 5000 USD. Monthly deposits can reach a maximum of 50000000 USD. The service is currently unavailable to customers in New York, Louisiana, U.S. territories, and international customers.

Schwab’s crypto strategy is expanding from ETF exposure into spot trading and custody transfers. The company said its customers already hold approximately 20%of the industry’s spot crypto ETF assets. As BTC、ETH spot trading and subsequent SOL、AVAX、LINK launches, competition between traditional large brokerages and crypto-native trading platforms will intensify further.

Original link https://m.theblockbeats.info/flash/372268