Charles Schwab not to trade cryptocurrency

Posted 09 September, 2019

Customers of one of the largest US brokers Charles Schwab will not get access to cryptocurrency trading, says Rob Farmer, managing director of corporate communications at the company.

He emphasized that digital money is an extremely speculative tool that is currently not part of Charles Schwab's priorities.

“Investors should view these currencies as a purely speculative instrument.” - Farmer added.

Senior analyst at Celent research firm William Trout suggested that over time, the company will be forced to start working with cryptocurrencies. For example, to start storing customer assets or to have certain shares in the respective exchanges.

"Schwab will be forced to move into the space at some point, although most likely in a small way, custody of client assets or a stake in an exchange" - said Will Trout.

Another large US brokerage company, Fidelity Investments, already provides custodial services and allows its customers to trade cryptocurrencies. It also became known that the cryptocurrency division of the company employs about 200 people, and Fidelity has created an Ethereum wallet with support for ERC-20 standard tokens, but the launch has not yet taken place.

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