Charles Schwab adda Solana, Avalanche and Chainlink to nascent crypto platform
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Charles Schwab plans to add Solana (SOL), Avalanche (AVAX), and Chainlink (LINK) to its crypto trading platform in the coming months. Currently, Schwab Crypto offers direct Bitcoin (BTC) and Ether (ETH) trading and is available to retail clients in most US states except New York and Louisiana. The brokerage aims to expand its cryptocurrency offerings beyond the initial two tokens but has not specified additional assets or timelines.
Why it matters
The source indicates that Charles Schwab's expansion of its crypto platform broadens access to a wider range of cryptocurrencies for retail investors, potentially influencing market participation. Beyond crypto, Schwab is also moving into prediction contracts tied to the S&P 500, signaling diversification of trading products. The source does not explicitly discuss the broader impact on markets or policy.
Key context
Schwab Crypto began roll out to clients in May, integrating crypto trading with traditional investments through Schwab’s website, app, and thinkorswim platform. The accounts operate through Charles Schwab Premier Bank with operational services by Charles Schwab & Co. The brokerage charges a 0.75% fee on the dollar value of crypto trades. Schwab is expanding its offerings amid strong financial performance with $13.04 trillion in assets under management as of July 31.
Key numbers and entities
Charles Schwab; cryptocurrencies: Solana (SOL), Avalanche (AVAX), Chainlink (LINK), Bitcoin (BTC), Ether (ETH); trading fee: 0.75% per trade; client assets: $13.04 trillion across 39.9 million brokerage accounts as of July 31; second-quarter net revenue: $7.1 billion; net income: $2.8 billion; regulatory availability excludes New York and Louisiana.
What remains unclear
The source does not provide exact timelines for adding Solana, Avalanche, and Chainlink or detail which other cryptocurrencies may be added in the future. It also does not clarify how Schwab's crypto platform compares in execution quality or fees to competitors. The broader market or regulatory impact of Schwab’s crypto and prediction market expansions remains unspecified.