Charles Schwab will add Solana (SOL), Avalanche (AVAX), and Chainlink (LINK) to its crypto trading platform in the coming months, broadening its direct cryptocurrency offerings beyond Bitcoin and Ether.
Schwab Crypto began rolling out to retail clients in May, initially offering direct Bitcoin and Ether trading through Schwab's website, mobile app, and thinkorswim platform alongside traditional investments. The brokerage stated it plans to add more cryptocurrencies over time but did not specify which other assets it is considering or provide timelines beyond the three newly announced tokens.
The service charges 75 basis points, or 0.75%, on the dollar value of each crypto trade. It is available in all U.S. states except New York and Louisiana, and is not offered in U.S. territories or internationally. Schwab Crypto accounts are offered through Charles Schwab Premier Bank, with affiliated brokerage Charles Schwab & Co. handling certain operational functions.
The crypto expansion coincides with Schwab's entry into other new trading products. In June, the firm announced plans to offer prediction contracts tied to the S&P 500 index through a partnership with Cboe Global Markets. These contracts would allow clients to wager on whether the S&P 500 will close above or below a specified level, with the product expected to launch within months.
As of July 31, Schwab held $13.04 trillion in client assets across 39.9 million active brokerage accounts. The company reported second-quarter net revenue of $7.1 billion and net income of $2.8 billion.
