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 plans to add Solana (SOL), Avalanche (AVAX), and Chainlink (LINK) to its crypto trading platform in the coming months, expanding its direct cryptocurrency offering beyond Bitcoin (BTC) and Ether (ETH). The financial services giant, which holds $13.04 trillion in client assets across 39.9 million accounts, began rolling out its crypto trading services to retail clients in May.
Schwab Crypto charges a 0.75% fee on the dollar value of each trade. The service is available in most US states, excluding New York and Louisiana. Following the announcement, Solana's price surged over 9% in 24 hours with a nearly 70% increase in trading volume, while Avalanche and Chainlink also saw price spikes.
Charles Schwab is also reportedly exploring other new trading products, including prediction contracts tied to the S&P 500 index through a partnership with Cboe Global Markets.