Charles Schwab expands mainstream crypto push with Solana, Avalanche and Chainlink trading as traditional finance deepens digital asset adoption
Updated: Sep 1
Charles Schwab is expanding its cryptocurrency business by adding Solana, Avalanche and Chainlink to its trading platform, providing another significant indication that digital assets are becoming increasingly integrated into mainstream financial services.
The US brokerage announced on Thursday that clients will be able to buy and sell the three cryptocurrencies directly through Schwab Crypto in the coming months, expanding a service that began rolling out Bitcoin and Ethereum trading in May.
Schwab oversees more than $12 trillion in client assets and has around 39 million active brokerage accounts, giving the expansion potentially significant implications for retail access to cryptocurrencies.
Joe Vietri, Schwab's Head of Digital Assets said, "With this expansion, clients will have more choices to build a digital asset allocation alongside the investing and banking experience they know and trust at Schwab."
The company charges 75 basis points per cryptocurrency transaction, equivalent to 0.75% of the value traded. Clients can access crypto alongside conventional investments through Schwab's existing digital platforms. Solana reacted positively to the announcement, rising as much as 5% intraday, according to market reporting. The significance extends beyond the three individual cryptocurrencies.
Historically, investors wanting direct cryptocurrency exposure have relied heavily on specialist exchanges such as Coinbase. Large conventional investment firms increasingly offering digital assets means investors can potentially hold shares, bonds, funds and cryptocurrencies within familiar financial platforms.
Schwab has nevertheless taken a relatively cautious approach, initially limiting direct trading to Bitcoin and Ethereum before expanding its offering. The latest additions demonstrate how that strategy is gradually broadening as customer demand grows, providing further evidence that the boundary between traditional finance and cryptocurrency markets is becoming increasingly blurred.