US-based financial giant Charles Schwab is preparing to make a direct entry into the cryptocurrency market. According to the company’s plan, users will initially be able to conduct Bitcoin and Ethereum transactions through a new service offered via its 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, particularly Coinbase, have largely implemented this model. In contrast, it is noted that traditional online brokerage firms are struggling to establish a similar structure.
The new cryptocurrency accounts will initially be limited to Bitcoin and Ethereum, but the range of products will be expanded in the future. Charles Schwab had previously started offering crypto-themed exchange-traded funds (ETFs) after receiving SEC approval.
On the other hand, it is stated that the new crypto service will be available in all US states except New York and Louisiana. The platform is being developed in-house and aims for a fully integrated structure.
*This is not investment advice.