Charles Schwab is set to expand its cryptocurrency offerings by launching spot trading for Bitcoin and Ethereum, as confirmed by CEO Rick Wurster during a CNBC interview. Wurster noted that Schwab clients currently hold significant exposure to crypto through exchange-traded products, controlling over 20% of the crypto ETP market. However, he pointed out that crypto still comprises a small fraction of their overall wealth, amounting to approximately $25 billion out of $10.8 trillion. Schwab aims to increase its crypto involvement, allowing clients to consolidate their assets into a trusted platform. In response to competition from digital-native firms like Coinbase, Schwab intends to enable clients to manage their crypto investments alongside more traditional assets. The company has witnessed a surge in interest for crypto, with increased website traffic, prompting plans for the new services. Earlier this year, regulatory agencies created a framework allowing banks to engage in cryptocurrency activities, aiding Schwab's entry into the market.

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