Charles Schwab is entering the Bitcoin trading market, driven by client demand, according to CEO Rick Wurster. Clients currently hold a significant portion of crypto investments, with 20% of exchange-traded products in the industry. However, crypto holdings account for only $25 billion out of the $10.8 trillion total client assets. Schwab aims to launch trading for Bitcoin and ether soon. Wurster indicated that many clients wish to consolidate their crypto assets with Schwab due to trust, which could enhance the company's growth prospects.
"Our clients are invested in crypto today. In fact, our clients hold more than 20% of the exchange traded product crypto in the entire industry, so they're invested."
"What we hear from many of our clients are that they have 98% of their wealth here at Schwab, and they might hold a percent or 2% at some digital native firm to hold their crypto, and they really want to bring it back to Schwab because they trust us."
"They want it to sit alongside their other assets and so we think we'll see some real growth when we bring those to market."
"If they're buying their crypto at Coinbase, we would love to see them bring their crypto back to Schwab."
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