Investment services firm Charles Schwab is keeping an eye on the developments in the crypto space as the company with over $7 trillion in client assets says the doors are open for supporting Bitcoin and crypto markets.
In the company’s newest business update, Charles Schwab CEO Walt Bettinger says that the company is looking very closely and cautiously at the crypto market.
“We can certainly see some of the client excitement, particularly with certain segments of the market. I would expect as greater clarity is recognized potentially by regulators that we would consider offering capabilities in the crypto space.”
If the company decides to dive into the cryptocurrency space, Bettinger highlights that they plan to make a big splash.
“I think all of you would probably say that if we, Charles Schwab the company, decides to participate in the crypto market, we will be highly competitive. We will be disruptive and we will be client-oriented.”
For now, Bettinger says that clients who are interested to invest in the crypto markets can do so via crypto-related products available on the Charles Schwab platform including the Grayscale Bitcoin Trust (GBTC) and the CME Bitcoin Futures.
“In the meantime, additional clarity from regulators would be important before we would consider offering a retail-type trading experience on crypto. There are ways to invest in crypto today. Some of which are available in a derivative basis through Schwab and of course, we are keeping our eyes on whether there would be investment-oriented products, whether be ETF (exchange traded fund) or others that would be delivering crypto investing to a larger part of the market than can get it today via some funds other there that are maybe available on a more limited basis…
We’re watching closely. We recognize well what’s going on. We would like to see more regulatory clarity. If and when that comes, you should expect Schwab to be a player in that space in the same way it has been a player in other investment opportunities across the spectrum.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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