Catenaa, Monday, April 06, 2025- Charles Schwab opened a waitlist for direct bitcoin and ether trading accounts on Friday in the United States, signaling a planned limited launch in the second quarter as the firm expands into crypto services.
The new offering, branded as Schwab Crypto, will allow eligible clients to buy and sell bitcoin and ether directly through a dedicated account. The service will be offered via Charles Schwab Premier Bank rather than standard brokerage accounts.
Clients must already hold a Schwab brokerage account to qualify. The firm said it will begin with a limited rollout, first testing the system internally before expanding access to a select group of
Chief Executive Rick Wurster earlier indicated the rollout would begin in the second quarter, with gradual expansion to broader client groups. The waitlist now allows users to register for early access.
The service will not be available in all regions. Schwab Crypto accounts are expected to launch in most US states, excluding New York and Louisiana. International clients and US territories are also excluded.
Accounts may face restrictions or closure if clients move to unsupported jurisdictions, according to company disclosures.
Key Restrictions and Risk Disclosures
Schwab outlined several limitations for the initial launch. Clients will not be able to transfer existing cryptocurrency holdings from external wallets or exchanges into their Schwab accounts.
Digital assets held in these accounts will not be treated as securities. They will not be insured by the Federal Deposit Insurance Corporation or protected by the Securities Investor Protection Corporation.
The firm also noted that cryptocurrencies may lose value, highlighting the risks tied to digital asset markets.
The move reflects a shift in Schwab’s stance on crypto. The firm previously described digital assets as speculative in 2019. Over the past few years, it has gradually increased involvement in the sector.
By 2023, Schwab supported the launch of EDX Markets alongside major financial firms. In 2025, leadership indicated growing interest in expanding crypto offerings to meet client demand.
Schwab clients currently hold a notable share of crypto exchange-traded products, signaling rising interest within its investor base.
Industry Competition Intensifies
Schwab’s entry comes as other major financial institutions expand crypto services. Morgan Stanley is preparing to offer spot trading through its ETrade platform using a partner model.
Meanwhile, EDX Markets has applied for a national bank charter, signaling deeper integration between traditional finance and digital assets.
The broader trend reflects growing competition among established firms seeking to capture demand for crypto trading within regulated environments.
Market Impact and Outlook
Schwab’s scale could influence the market. The firm oversees more than $12 trillion in client assets and serves tens of millions of brokerage accounts. Its entry may draw more traditional investors into crypto markets.
The launch also highlights a shift toward bank-linked crypto services, where institutions seek to combine digital assets with established financial infrastructure.
Interest in stablecoins is also rising. Schwab leadership has indicated that these digital currencies may play a role in blockchain-based transactions in the future.
Charles Schwab began exploring crypto services several years ago as digital assets gained traction among retail and institutional investors. Early efforts focused on indirect exposure through exchange-traded products.
Over time, the firm expanded its involvement through partnerships and infrastructure investments. The upcoming launch of direct trading marks a new phase in its strategy.
The move comes as regulatory frameworks in the US continue to evolve, shaping how traditional financial institutions engage with digital assets.
