US-based financial services giant Charles Schwab has taken a significant step into the cryptocurrency market by beginning to offer spot Bitcoin and Ethereum trading services to select individual investors. The company’s new platform, called “Schwab Crypto,” initially allows chosen retail clients to conduct direct Bitcoin and Ethereum transactions.
According to the company’s statement, the platform was launched in line with the phased transition plan announced last month. This allows Charles Schwab to expand its indirect access to crypto assets, previously offered only through exchange-traded funds (ETFs) and derivatives, to direct spot trading. Under the new system, users will trade through a crypto account separate from their traditional investment accounts.
The crypto asset custody service is provided by Charles Schwab Premier Bank, while blockchain technology company Paxos handles the transaction infrastructure and underlying custody processes. The platform will charge a 75 basis point commission per transaction, and the service is available in the US, excluding New York and Louisiana.
The company also emphasized that not all customers may have access to the platform and that eligibility criteria exist. Charles Schwab, which manages $11.77 trillion in customer assets and has 39.1 million active brokerage accounts as of the end of March 2026, reported adjusted net profit of $2.6 billion in the first quarter. Revenue increased 16 percent year-on-year to $6.48 billion.
Analysts consider this move a strong indicator of the growing interest of traditional financial institutions in crypto assets. Charles Schwab’s shift to direct spot crypto trading signals an acceleration in institutional adoption within the sector.
*This is not investment advice.
