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Charles Schwab is launching crypto trading, allowing customers to buy bitcoin and ether through a new branch called Schwab Crypto, the company said Thursday.
The move puts the brokerage in direct competition with companies like Robinhood, which cater to younger clients. Schwab has been vocal for months about its clients’ interest in crypto investing.
“We know our clients want to spend most of their financial lives at Schwab,” said Jonathan Craig, head of retail investing at Charles Schwab. “With Schwab Crypto, clients who want direct access to the asset class can trade it alongside their other investments, while also benefiting from the service, education and research they have come to expect from us.”
The company is partnering with Paxos on custody, which will allow crypto funds to be held in a separate Schwab account separate from the brokerage. This capability will be available in the coming weeks.
Shares fell 2% on Thursday after the companies reported quarterly financial results.
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