Financial services company Charles Schwab (NYSE: $SCHW) is launching a new crypto trading platform as it seeks to better compete against rivals such as Robinhood (NASDAQ: $HOOD).
Clients of Charles Schwab can now buy and sell both Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH) through a new arm called "Schwab Crypto."
The move places Charles Schwab in direct competition with Robinhood and other brokerages that serve a younger clientele and blend stock and crypto trading.
Charles Schwab is one of the largest brokerages in the world with more than $11 trillion U.S. of assets under management (AUM).
The move by Charles Schwab comes as the lines blur between the traditional financial industry and digital finance.
Chares Schwab is the latest example of crypto acceptance among mainstream banks, asset managers, and brokerages.
In recent weeks, investment bank Morgan Stanley (NYSE: $MS) launched a new spot Bitcoin exchange-traded fund (ETF) and Goldman Sachs (NYSE: $GS) announced plans to do the same.
In a news release, Charles Schwab said that it will take a 0.75% fee on every crypto trade. By comparison, Robinhood offers commission-free trading.
SCHW stock has risen 25% over the last 12 months to trade at $94.53 U.S. per share.
COMTEX_477374504/2797/2026-04-16T14:20:54