30s Summary

Financial services firm Charles Schwab plans to directly offer cryptocurrency investments to its clients, according to Rick Wurster, the company’s president and future CEO. Many of Schwab’s clients are already involved in cryptocurrency investments through ETFs, futures, and closed-end funds. The company is currently waiting for clearer regulations before proceeding. Schwab invested in crypto exchange EDX Markets and launched the Schwab Crypto Thematic Index (STCE), an ETF tracking companies that could benefit from cryptocurrencies.

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Big finance company, Charles Schwab, is planning to let its customers directly invest in cryptocurrencies. The president and future CEO, Rick Wurster, spilled the beans in an interview with Yahoo Finance.

According to Wurster, a lot of the bank’s clients are already hopping on the crypto train via stuff like exchange-traded funds (ETFs), futures, and closed-end funds. They’re doing pretty well with them too. But the bank thinks it can do even more.

“We also would like to directly offer crypto,” Wurster said. They’re just waiting for the rules around crypto to clarify a bit… but they’re hopeful that it’ll happen soon.

Last year, the bank declared that when they decide to dive into the crypto market, they’re going to make a big splash and shake things up. So far, Schwab has chilled on the sidelines of the crypto game, but not because they don’t like it. Unlike Vanguard, Schwab didn’t block its peeps from dealing in bitcoin ETFs when they came out at the start of this year.

The bank also put its money in crypto exchange EDX Markets, which launched this year under the lead of a former big shot from trading giant Citadel Securities. Also this year, Schwab launched the Schwab Crypto Thematic Index (STCE), an ETF that follows the success of companies that could gain from the growth or use of cryptocurrencies.