Schwab Expands Crypto Platform with Solana, Avalanche, and Chainlink

Charles Schwab is expanding its crypto platform to include three new tokens: Solana (SOL), Avalanche (AVAX), and Chainlink (LINK). This move comes after the platform launched in May with only Bitcoin and Ether, and will bring the total number of supported spot assets from two to five. The addition of these new tokens follows client demand for established cryptocurrencies.

Schwarz holds $13.04 trillion in client assets across 39.9 million active brokerage accounts at the end of July. The company's head of digital assets, Joe Vietri, stated that clients will gain more room to build a digital asset allocation alongside the investing and banking services they already use at Schwab.

The platform charges 75 basis points on the dollar value of each trade. While competitors such as Coinbase and Robinhood offer hundreds of tokens, Schwab has deliberately kept its list short, opting instead to focus on established cryptocurrencies that clients already hold.