Schwab adds Solana, Avalanche, Chainlink to crypto platform
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- Charles Schwab plans to add Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) to its crypto trading platform in the coming months, expanding beyond its current Bitcoin and Ether lineup.
- Schwab Crypto rolled out to retail clients in May via Schwab's website, mobile app and thinkorswim platform, making it one of the largest legacy brokerages to offer direct crypto trading.
- The service charges 75 basis points (0.75%) on the dollar value of each crypto trade and is unavailable in New York, Louisiana, all U.S. territories and internationally.
- Schwab is also planning to offer prediction contracts tied to the S&P 500 index through a partnership with Cboe Global Markets, per a June Wall Street Journal report — a separate expansion beyond crypto.
- As of July 31, Schwab held $13.04 trillion in client assets across 39.9 million active brokerage accounts, with record Q2 net revenue of $7.1 billion and net income of $2.8 billion.
Why it matters: Schwab's $13.04 trillion in client assets and 39.9 million brokerage accounts dwarf most crypto-native platforms, giving SOL, AVAX and LINK instant access to a mainstream retail base that previously had to open separate accounts elsewhere. The 0.75% per-trade fee and the New York/Louisiana exclusions, however, show Schwab is still approaching crypto cautiously rather than going all-in.
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