Charles Schwab is preparing to enter the Bitcoin commercial arena, according to CEO Rick Wurster, who spoke in a new interview with the CNBC. This positions Charles Schwab as a direct competitor of Coinbase, discussed Wurster.
“Our customers are invested in cryptocurrency today,” said Wurster. “In fact, our customers hold over 20% of the cryptocurrency of products exchanged in exchange throughout the sector, therefore they are invested”. Despite this, he observed that Crypto Holdings currently represent “only about $ 25 billion on $ 10.8 trillion dollars who have our customers, so it is still relatively small”.
Wurster revealed that Charles Schwab is “anticipating the launch of Bitcoin and Ether, soon so that our customers have access to this”. He added that the offer could act as a key growth drivers for the company.
Wurster explained that the customer’s question is guiding the decision. “What we feel from many of our customers are that they have 98% of their wealth here in Schwab, and could hold a percent or 2% in a digital native company to maintain their cryptocurrency, and they really want to bring it back to Schwab because they trust us,” said Wurster. “They want them to sit next to their other resources and therefore we think we will see a little real growth when we bring them to the market”.
When he was asked if Schwab would be directly in competition with Coinbase, Wurster was clear: “He would do it absolutely. If they are buying their cryptocurrency in Coinbase, we would like to see them bring their crypt back.
The announcement comes on the same day when President Trump plans to sign the genius act in law. The legislation will establish a regulatory framework for Stablecoins, which some believe that it will lead to an increase in the volume of BTC trading, further encouraging traditional financial companies such as Schwab to embrace Bitcoin.