Schwab Crypto Expands with Three New Assets
Schwab Crypto is expanding its services to include three new cryptocurrencies: Avalanche (AVAX), Chainlink (LINK), and Solana (SOL). The addition of these assets follows the platform's introduction of spot bitcoin and ether trading in May, and will allow clients to trade the new tokens alongside stocks and funds on Schwab.com, the Schwab Mobile app, and the thinkorswim trading platform.
The move is seen as a competitive response to Robinhood's direct access to crypto markets, and reflects a shift among established brokerages towards providing crypto services. Schwab has stated that its expansion is driven by client demand and an intention to 'thoughtfully expand its digital asset offering with established cryptocurrencies.' The firm has not specified when the new tokens will go live, but says they should be available in the coming months.
The addition of Solana, a popular chain among active traders, alongside Chainlink and Avalanche tokens may help Schwab retain clients who might otherwise switch to competitors such as Robinhood. The move also reflects a broader trend towards increased access to crypto markets, driven by regulatory changes and client demand.