$7 trillion asset managers Schwab plans to enter spot crypto market

Charles Schwab Corp, a $7 trillion asset manager based in Westlake, Texas, is looking for spot cryptocurrency trading shortly.

Rick Wurster, Charles Schwab Corp’s president, mentioned that the company wants to enter the spot crypto market once the regulations are friendlier. This move came after a pro-crypto presidential candidate was elected in the U.S. Donald Trump in early November.

In his interview on Wealth with Yahoo Finance on Nov. 21, he said the company would also like to offer the crypto directly to customers as soon as the regulations change.

“We also would like to directly offer crypto and Schwab buys the crypto market which take a lot of commissions out of the crypto area to create a better deal for clients. We’ve been waiting for the regulatory change environment in order to do that,” Wurster said.

Recently, the company has witnessed an incoming wave of new customers, most of whom, about 60%, are young generations under 40. Therefore, by anticipating the changes, the company would shift towards crypto products, including crypto ETF, Bitcoin futures, and any other crypto fund.

Crypto education also pops into these incoming CEOs’ minds, which matters for the new customers to learn how to invest in digital assets properly. This focus might also be shaped the company’s out of their competitors.

How crypto shift companies like Schwab

Charles Schwab is a company that has been known for banking and investment services for the past 40 years, with a market capitalization of over $147 billion.

Schwab is one of the examples of how the crypto industry has changed the financial landscape. Since the massive adoption of Bitcoin ETF earlier this year and Trump’s win over the U.S. election, many companies worldwide have shifted their products and services to serve digital assets, including Schwab.

The company’s current CEO, Walter Betingger II, will step down as he is going to turn 65 next year. Wurster, who acted as a president in the past 8 years, would take a side as an incoming CEO.