Traditional Finance Giant Schwab Makes Belated Push Into Cryptocurrency Trading
Charles SchwabSCHW is finally ready to join the crypto party — fashionably late, as always. The $10T asset manager recently posted job listings revealing it’s constructing its own cryptocurrency trading platform from the ground up, rather than acquiring existing technology. CEO Rick Wurster confirmed plans to launch Bitcoin and Ethereum trading soon, but the build-from-scratch approach means no rollout before 2026 — leaving rivals with a long head start.
- Schwab is recruiting senior crypto product managers, following Trump’s GENIUS Act on stablecoins and ahead of Senate action on wider crypto rules.
- Competitors are also on the lookout for talent, with Fidelity hiring crypto risk analysts, while S&P GlobalSPGI searches for cryptocurrency experts.
The path forward: Former TD Ameritrade alternatives executive Seth Stuart believes Schwab’s methodical approach makes sense given their circumstances, noting, “They don’t need to rush.” The company hired Joe Vietri in February as head of digital assets to spearhead the initiative, signaling serious commitment despite the extended timeline. While the delayed rollout may frustrate investors, it lets Schwab fold digital assets seamlessly into its platforms and research tools — potentially setting the stage for a comprehensive offering once it finally arrives at the starting line.