The U.S.’s next major crypto exchange may have a familiar name.
Charles Schwab Corp. CEO Rick Wurster, who assumed the position in January, has pursued offering spot crypto trading support to the financial services firm’s clients, predicting a change in the U.S. government’s crypto regulatory environment. On a recent earnings call, Wurster laid out a more solid timeline for the company’s crypto efforts.
“Our expectation is that with the changing regulatory environment, we are hopeful and likely to be able to launch direct spot crypto [trading] and our goal is to do that in the next 12 months,” Wurster said.
Schwab reported a surge of 40% in quarterly profits on the call as investors rebalance their portfolios amid the volatile market environment. Some of those investors may be looking to invest in crypto, according to Wurster. “We saw a 400% increase in traffic to [Schwab’s crypto site] recently, 70% of whom were prospects,” Wurster said.
“As I’ve said numerous times in past, spot crypto trading will be table stakes for every major brokerage,” ETF Store president Nate Geraci said on X in response to the news.
A Schwab study from last October found that Millennials demonstrated the highest level of interest in cryptocurrency ETFs compared to other asset classes, like bonds and international equity. Schwab also previously backed EDX Markets, a crypto exchange also backed by Citadel and Fidelity. EDX recently announced a strategic partnership with digital asset trust company BitGo.
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