Charles Schwab CEO Sees Crypto as a New Revenue Engine

A Major Milestone for Traditional Financial Services

Traditional finance and digital assets have taken another significant step toward each other. Charles Schwab, one of the world's largest investment firms managing over $13.33 trillion in client assets, has officially opened direct Bitcoin (BTCBTC-0.22%) and Ether (ETH) trading to eligible retail investors.

During the firm's Fall Business Update webcast on October 15, 2026, Chief Executive Officer Rick Wurster confirmed that Schwab Crypto is now accessible to the general public across its main platforms. Beyond basic trading, the brokerage is introducing digital asset transfers and planning to support additional cryptocurrencies before the end of the year.

Past performance of digital assets or financial operations is not indicative of future results. Digital asset markets carry inherent price volatility, and investors should assess their financial position carefully.

From Early Access to Full Rollout

Schwab first revealed its direct cryptocurrency trading initiative in April, launching an early-access pilot program in May. The rollout now extends across its massive client base, which includes 40.3 million active brokerage accounts.

"All clients can now access Schwab Crypto. We are rolling out the ability for clients to transfer their crypto holdings to Schwab, and we are launching access to three new coins by the end of the year."

This rollout allows everyday investors to manage cryptocurrency holdings inside the same financial ecosystem where they hold traditional assets like stocks, bonds, and mutual funds.

How Schwab Crypto Works Under the Hood

To deliver crypto trading securely, Schwab partnered with Paxos, a regulated blockchain infrastructure provider. Paxos handles trade execution and sub-custody services, while Charles Schwab Premier Bank, SSB operates the underlying account structures.

Investors can buy and sell digital assets across multiple interfaces, including Schwab.com, the Schwab Mobile app, and the flagship thinkorswim trading platform.

• Trading Fee: Flat 0.75% per order.
• Order Limits: Minimum order size is $1, with a maximum of $2,000,000 per order.
• Trading Hours: Available nearly 24/7, excluding scheduled maintenance windows.
• Supported Assets: Bitcoin (BTC) and Ether (ETH) initially, with more assets coming soon.

Crypto Transfers: Controlled Flexibility and Security

One of the key updates announced by CEO Rick Wurster is the addition of deposit and withdrawal capabilities. While self-custody wallets offer total control, Schwab is adopting a banking-style compliance framework to safeguard transactions.

Deposits and withdrawals are being enabled in progressive stages. Eligible customers receive notification emails and must complete additional identity verification steps prior to moving funds.

• Supported Networks: On-chain deposits and withdrawals for Bitcoin on the Bitcoin network and Ether on the EthereumETH-0.88% network.
• Address Whitelisting: Users must pre-register approved withdrawal addresses, which incur a 24-hour security delay before activation.
• Withdrawal Limits: Capped at three transactions per 24 hours, with a maximum daily withdrawal limit of $5,000.
• Deposit Limits: Monthly deposit capacity is capped at $50,000,000.
• Transfer Fees: Schwab charges no native transfer fee, though standard blockchain network fees (gas/miner fees) apply.

Expanding the Crypto Roster: SolanaSOL+0.23%, Avalanche, and ChainlinkLINK-1.13%

Schwab's cryptocurrency strategy extends beyond Bitcoin and Ether. The firm reaffirmed plans to add three additional tokens before the end of 2026:

• Solana (SOL)
• Avalanche (AVAX)
• Chainlink (LINK)

This expansion aligns with strong existing interest among Schwab's customer base. Schwab executives previously estimated that its clients hold approximately 20% of all spot cryptocurrency exchange-traded products (ETFs) industrywide.

Furthermore, Schwab's Modern Wealth Survey from October 7 indicated that roughly 60% of existing crypto investors surveyed plan to increase their digital asset allocation over the next 12 months.

A Strategic Engine for Transaction-Based Revenue

During the webcast's Q&A session, Citizens analyst Devin Ryan asked Wurster how Schwab intends to capture additional value from its massive brokerage platform. Wurster pointed directly to crypto trading as a core opportunity.

"We have actively found and will continue to find many ways to monetize our platform. ETF monetization is certainly one, but there's others we pursued and implemented and feel good about. We're also expanding into new areas that create additional transactional-based revenue streams that are beneficial to our clients... Things like crypto, things like prediction markets. So I expect us to be able to monetize our clients' trading behavior that they want to do that's helpful to their financial lives."

By offering direct crypto trading alongside traditional instruments, Schwab creates a new transactional revenue channel while deepening client engagement across its platform.

Backed by Strong Quarterly Earnings

The cryptocurrency expansion arrives during a period of strong financial performance for the firm. Schwab reported significant growth figures for its third quarter:

• Core Net New Assets: $190.4 billion (a 38% increase year-over-year).
• Net Revenue: $7.2 billion (up 17% year-over-year).
• Adjusted Earnings Per Share: $1.69 (up 29% year-over-year).
• New Accounts: 1.2 million new brokerage accounts opened in Q3, bringing total client accounts to 48.6 million across banking and workplace services.

Regulatory Jurisdictions and Risk Considerations

While Schwab Crypto is widely available across the United States, certain geographical restrictions apply. The service is currently unavailable in New York, Louisiana, U.S. territories, and international jurisdictions.

Investors should also note that digital asset holdings are not covered by traditional government safety nets. Unlike bank deposits or stocks, crypto assets at Schwab are not protected by the Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC).

The broader entry of legacy institutions like Schwab illustrates how mainstream finance continues to adapt to digital assets, bridging traditional financial infrastructure with decentralized technology.