Fidelity, Schwab Backing Crypto Trading Platform
The brokerage firm doesn’t have plans to offer direct crypto trading at this point, but “will consider introducing direct access to cryptocurrencies when there is further regulatory clarity,” Hooper said.
Plans could change based on the regulatory landscape and future market conditions, the people said. Aspects of Citadel Securities and Virtu’s efforts were earlier reported by CoinDesk.
Investors buying crypto typically use crypto exchanges such as FTX Trading Ltd., Coinbase Global Inc. or brokerage apps like Robinhood Markets Inc. Citadel Securities founder Ken Griffin has said the company plans to make markets in crypto, without providing a specific timeline.
Earlier this year, Fidelity said it will have a product ready in the coming months to allow 401(k) plan participants to direct a portion of their savings into bitcoin. The brokerage firm first entered crypto in 2018, with its subsidiary Fidelity Digital Assets, which allows customers like hedge funds, family offices and other institutions to trade and store virtual currencies.
Schwab Chief Executive Officer Walt Bettinger has also expressed interest in crypto. In a January interview, he called crypto “hard to ignore,” saying “there’s a tremendous void in that space today for a firm like Schwab.”
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