Charles Schwab has announced that he will be entering the Bitcoin According to Rick Wurster in an interview with a brand new publication, the trading world is booming, interview CNBC. Charles Schwab will now be a direct competitor of CNBC. Coinbase, Wurster discussed.
“Our clients are invested in crypto today,” Wurster said. “In fact, our clients hold more than 20% of the exchange traded product crypto in the entire industry, so they’re invested.” In spite of this, the crypto-assets represent a substantial portion of his total portfolio. “only about $25 billion out of the $10.8 trillion that our clients have, so it’s still relatively small.”
Charles Schwab revealed by Wurster “anticipating launching Bitcoin and ether, sometime soon so that our clients have access to that.” He said that this offering would be an important growth catalyst for his company.
Wurster explained to me that the demand of clients is what drives this decision. “What we hear from many of our clients are that they have 98% of their wealth here at Schwab, and they might hold a percent or 2% at some digital native firm to hold their crypto, and they really want to bring it back to Schwab because they trust us,” Wurster said. “They want it to sit alongside their other assets and so we think we’ll see some real growth when we bring those to market.”
Wurster made it clear that Schwab is not directly competing with Coinbase. “It absolutely would. If they’re buying their crypto at Coinbase, we would love to see them bring their crypto back to Schwab.”
On the same date that Trump intends to sign the GENIUS Act into law. It will create a legal framework to regulate stablecoins. Many believe this legislation will encourage more traditional finance companies like Schwab and others to accept Bitcoin.
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Source: bitcoinmagazine.com
