Key facts
- Charles Schwab will add Solana, Avalanche, and Chainlink to its crypto offerings.
- Trading for these new digital assets will be available in the coming months.
- The expansion moves beyond Schwab's initial offerings of Bitcoin and Ethereum.
- Trades will be priced at 75 basis points of the dollar value of each transaction.
- Solana, Avalanche, and Chainlink prices experienced a notable increase after the announcement.
Charles Schwab, a financial services giant with $13 trillion in assets, announced on August 27 that it plans to introduce trading for Solana (SOL), Avalanche (AVAX), and Chainlink (LINK) on its Schwab Crypto platform in the upcoming months. This expansion significantly broadens the company's digital asset offerings, which previously only included Bitcoin and Ethereum.
According to Joe Vietri, Head of Digital Assets at Charles Schwab, the move is intended to provide clients with greater choice in building digital asset allocations while maintaining the trusted investing and banking experience. The firm launched its crypto trading services earlier this year, charging a competitive 75 basis points on transaction value. Charles Schwab also provides educational resources on digital assets.
Following the announcement, the prices of Solana, Avalanche, and Chainlink saw notable increases. Solana's price jumped over 9% in 24 hours, with trading volume surging by nearly 70%. Avalanche and Chainlink also experienced price spikes within an hour of the news.
Charles Schwab is reportedly exploring further integration into the crypto space, including a potential options offering and a partnership with Cboe for a prediction market tracking the S&P 500.