Schwab Expands Crypto Trading to Include Solana, Avalanche, and Chainlink

Financial services giant Charles Schwab is expanding its cryptocurrency trading capabilities beyond Bitcoin and Ethereum. The company plans to add Solana, Avalanche, and Chainlink to its platform 'in the coming months,' although it did not provide a specific launch date.

This expansion comes three months after Schwab began offering direct Bitcoin and Ethereum trading to select retail clients. Before this, customers could invest in cryptocurrencies through exchange-traded products or shares of companies like Coinbase, but they couldn't buy them directly.

With the addition of these new assets, Schwab aims to provide its clients with more choices for building a digital asset allocation alongside their traditional investments. The company's head of digital assets, Joe Vietri, stated that this expansion is consistent with Schwab's approach of providing access to familiar cryptocurrencies backed by an ecosystem of education and support.

Schwab will allow clients to buy and sell the new cryptocurrencies on its website, mobile app, and thinkorswim trading platform. Each trade will carry a fee of 0.75%, or $7.50 on a $1,000 transaction, which Schwab describes as among the industry's lowest.