Schwab Adds Solana, Avalanche, Chainlink to Crypto Trading Platform
Charles Schwab, a major US financial services firm, has announced that it will add support for Solana (SOL), Avalanche (AVAX), and Chainlink (LINK) to its crypto trading service. This move brings the total number of cryptocurrencies available on Schwab Crypto to five, including existing Bitcoin (BTC) and Ethereum (ETH). The three newly added assets are expected to be supported within the coming months.
According to Joe Vietri, head of digital assets at Charles Schwab, this expansion will give clients more choices when building their digital asset portfolios alongside Schwab's investing and banking services. With approximately $13.04 trillion in client assets under management as of July 2023, this addition could provide direct token trading access to a massive investor base.
Schwab Crypto accounts are provided by Charles Schwab Premier Bank and come with the standard fee of 0.75% per crypto trade. However, it's worth noting that cryptocurrencies held in these accounts do not qualify for FDIC deposit insurance or SIPC protection.