19.07.2025 01:41

Charles Schwab, a financial services giant, is poised to disrupt the cryptocurrency market with the imminent launch of Bitcoin trading, according to CEO Rick Wurster's recent CNBC interview. This move directly challenges established players like Coinbase, positioning Schwab as a formidable competitor in the burgeoning crypto space.

Wurster highlighted the significant existing client interest in crypto assets, emphasizing that Schwab clients currently hold over 20% of all exchange-traded crypto products. While acknowledging that this represents a relatively small portion – approximately $25 billion out of their $10.8 trillion total assets under management – the CEO stressed the substantial client demand driving Schwab's decision.

The company anticipates launching trading for both Bitcoin and Ether in the near future. This strategic move is expected to fuel significant growth, catering directly to client preferences. Wurster explained that many clients, holding the bulk of their wealth with Schwab, desire a consolidated investment portfolio, including their crypto holdings, within the familiar and trusted Schwab ecosystem.

Direct competition with Coinbase is explicitly acknowledged by Wurster, who expressed the company's ambition to attract clients currently using Coinbase, encouraging them to consolidate their investments within Schwab's platform for a more streamlined financial management experience. This announcement coincides with the planned signing of the GENIUS Act into law by President Trump, although a detailed connection between the two events remains unestablished in this context.