Charles Schwab Plans to Enter the Spot Cryptocurrency Market Once the Industry Regulations Become Friendlier

The US Bitcoin and crypto market have been on uncharted waters recently, and many are excited and optimistic. Charles Schwab, a leading financial company with $7 trillion in assets, is one of the recent companies taking an interest in this “hot industry.”

Major financial institution Charles Schwab, with around $7 trillion in assets, is reportedly showing interest in joining the digital currency industry.

According to Rick Wurster, Charles Schwab’s president, the company plans to enter the spot cryptocurrency market once the industry regulations become friendlier. Wurster mentioned in a Yahoo Finance interview last November 21st that it aims to offer these digital assets directly to its customers as soon as the regulations become more evident.

After incoming US President Donald Trump’s convincing win in the US elections, Charles Schwab’s interest in crypto piqued. Wurster said in the interview that they will offer these digital assets directly to customers once the regulations become clearer.

However, Wurster clarified in another interview with Bloomberg Radio that they will only enter the market pending favorable rules and regulations. Wurster stated that they’ll enter when the regulatory environment changes and expect it to happen, so they’re ready for that scenario. The company already offers crypto-linked futures and ETFs and plans to expand into direct trading.

“I have not bought crypto, and now I feel silly”

Schwab Prepares A Shift In Business Model

As a leading financial company, Charles Schwab manages over $7 trillion of assets and offers various investment services. In recent months, the company reported an inflow of new customers, and around 60% of its new customers are under 40.

As such, Schwab is preparing for the changes by investing in digital assets, including Bitcoin futures and crypto ETFs.

More Companies Are Moving Into Crypto

With a market cap of over $147 billion, Charles Schwab is a trusted banking and investment services provider. The company aims to expand its portfolio by keeping an interest in crypto even in these changing times.

Aside from Charles Schwab, other US and international companies are entering the digital industry. Trump’s win and the prospects for friendly crypto regulations influence the interest in this growing industry. Schwab’s CEO, Walter Betingger II, is turning 65 next year and will retire.

Wurster is expected to serve as the company’s incoming CEO and potentially steer the company’s entry into crypto.