TechFlow News: On April 5, according to The Block, Charles Schwab has opened a waitlist for its “Schwab Crypto” accounts, enabling clients to directly buy and sell Bitcoin and Ethereum. Schwab confirmed that the service remains on track for launch in the first half of 2026. CEO Rick Wurster previously told Barron’s that a limited beta test will commence in Q2—first with internal employees, then gradually expanding to select clients before achieving broader access.
These accounts will be offered through Charles Schwab Premier Bank, a subsidiary of Schwab. Applicants must hold an existing Schwab brokerage account to apply. At launch, the service will not be available to residents of New York or Louisiana, nor will it accept cryptocurrency transfers from external wallets or exchanges. Disclosure documents state that cryptocurrencies held via Premier Bank are not protected by the Securities Investor Protection Corporation (SIPC), are not covered by FDIC deposit insurance, and may result in losses.
This launch marks a significant shift in Schwab’s stance toward digital assets; in 2019, the firm characterized cryptocurrencies as “purely speculative assets.” As of February this year, Schwab managed $12.22 trillion in client assets and maintained 38.9 million active brokerage accounts. Meanwhile, Morgan Stanley is also preparing to offer spot trading for Bitcoin, Ethereum, and Solana via E*Trade—further accelerating the trend of traditional financial institutions entering the crypto spot trading space.
