Rick Wurster, Charles Schwab's current chairman and incoming CEO, has said the firm is actively preparing to offer spot trading of cryptocurrencies to its clients, Bloomberg has reported.
The move is contingent on regulatory changes expected under the new administration.
In addition to already offering crypto ETFs and futures, Schwab plans to expand into other cryptocurrency offerings as traditional financial firms begin to show interest in the market.
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Evidence of this is the success of US spot Bitcoin ETFs, which have surpassed $100 billion in total net asset value thanks to growing interest from institutional investors.
This move comes as the crypto market experiences a strong rally and growing optimism driven by the re-election of Donald Trump.