Charles Schwab is expanding its crypto trading service beyond Bitcoin and Ethereum, adding Solana, Chainlink, and Avalanche in the coming months. The Wall Street firm launched with just two cryptocurrencies in May and says further additions are likely.
Charles Schwab will add Solana, Chainlink, and Avalanche to its Schwab Crypto trading service in the coming months, expanding a platform that launched with only two digital assets in May.
Five Cryptocurrencies, More to Come
The additions will give eligible clients direct access to five cryptocurrencies after the product launched with only Bitcoin and Ethereum in May this year. Schwab said these altcoins won't necessarily be the last it adds, as the firm plans to introduce more digital assets over time.
According to Schwab's Head of Digital Assets, Joe Vietri: "clients will have more choices to build a digital asset allocation" alongside the investing and banking experience they know and trust at Schwab. Clients can view and trade crypto alongside other holdings through Schwab's website, mobile app, and thinkorswim platform, with each transaction carrying a fee of 75 basis points on its dollar value.
Schwab Crypto remains unavailable to residents of New York and Louisiana, as well as customers in US territories and international jurisdictions. Support for the new assets could still be delayed, changed, or withdrawn depending on regulatory, market, operational, or risk factors, the firm said.
Altcoins Rally Alongside Bitcoin
Schwab's Bitcoin-and-Ethereum launch came just ahead of the May rally that drove Bitcoin to almost $83,000. Three months of selling pressure followed, pushing the token below $58,000 on July 1. Bitcoin has since broken out of that range, rising to $81,000 on a couple of occasions, and altcoins have followed suit.
Solana is up more than 40% over the past month. Chainlink has gained 38%. Avalanche has added a more modest 15%.
Source: CryptoPotato
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