Charles Schwab announced it is expanding its cryptocurrency trading service by adding Solana (SOL), Chainlink (LINK), and Avalanche (AVAX) in the coming months.
The expansion comes just months after the Wall Street firm launched Schwab Crypto in May with Bitcoin and Ethereum. Once the new assets are added, eligible clients will have direct access to five cryptocurrencies through the platform.
Schwab indicated this expansion may not be its final one, stating it plans to introduce more digital assets over time. "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," said Joe Vietri, the company's Head of Digital Assets.
Trading and Access
Clients can view and trade their crypto holdings alongside traditional investments through Schwab's website, mobile application, and thinkorswim platform. The company charges a fee of 75 basis points on the dollar value of each crypto transaction.
Geographic limitations remain in place. Schwab Crypto is unavailable to residents of New York and Louisiana, as well as customers in U.S. territories and international jurisdictions. Schwab also noted that support for any announced digital assets could be delayed, changed, or withdrawn depending on regulatory, market, operational, or risk-related developments.
Market Context
Schwab's original May launch coincided with Bitcoin's rally to nearly $83,000. The market subsequently faced selling pressure over three months, with Bitcoin declining below $58,000 by July 1. Bitcoin has since recovered to reach $81,000 on multiple occasions, with most altcoins following the upward movement.
