Schwab Expands Crypto Offerings with Solana, Avalanche, Chainlink Spot Trading

Charles Schwab is expanding its cryptocurrency offerings by adding spot trading for Solana (SOL), Avalanche (AVAX), and Chainlink (LINK) to its Schwab Crypto platform. The company plans to enable clients to buy and sell these assets in their Schwab Crypto accounts, alongside Bitcoin (BTC) and Ethereum (ETH), which are already supported.

The announcement comes as the broader crypto market sees a recovery, with SOL, AVAX, and LINK rising 13%, 6%, and 4% respectively over the past 24 hours. The addition of these new assets aligns with Charles Schwab's approach of providing access to familiar cryptocurrencies while offering investors education, tools, and resources to help them make informed decisions.

'With this expansion, clients will have more choices to build a digital asset allocation alongside the investing and banking experience they know and trust at Schwab,' said Joe Vietri, Head of Digital Assets at Charles Schwab. The firm charges 75 basis points on the dollar value of each crypto trade, described as among the lowest pricing in the industry.

The move is part of a broader trend in the US financial sector, with major institutions expanding their crypto services for institutional clients. Companies like JPMorgan Chase, Goldman Sachs, and Morgan Stanley have been actively exploring various approaches to crypto products, from custody and administration services to investment products and spot trading platforms.