Schwab Broadens Crypto Offerings with SOL, AVAX, and LINK
Charles Schwab is expanding its cryptocurrency offerings by adding Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) to its platform. This move comes just months after the company introduced direct spot trading in Bitcoin (BTC) and Ethereum (ETH). The addition of these new assets brings the total number of cryptocurrencies available on Schwab Crypto to five, including Bitcoin and Ethereum.
The choice of Solana, Avalanche and Chainlink is significant as it indicates that Schwab is focusing on established cryptocurrencies that are aligned with client demand. This approach is in contrast to other crypto-native exchanges that often prioritize a wide range of smaller assets.
Schwab's 0.75% fee for each trade, with no spread, suggests that the company is targeting investors who value convenience and ease of use over low fees. The platform also offers research, educational materials, and round-the-clock customer support, reinforcing its positioning as a wealth management platform.
The operational structure behind Schwab Crypto is notable as it separates the customer relationship from parts of the underlying crypto infrastructure. This approach allows traditional financial institutions to enter spot crypto without reproducing the entire operational stack of a crypto exchange.