Charles Schwab is bringing Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) to its Schwab Crypto platform. The move pushes the $13.04 trillion broker’s direct-trading desk past bitcoin and ether for the first time.
All three tokens go live “in the coming months,” Schwab said Thursday, The Block reported. Clients will be able to buy and sell each one. The additions mark the platform’s first expansion since Schwab Crypto started rolling out in May with direct BTC and ETH trading on its website, mobile app and thinkorswim.
Joe Vietri, head of digital assets at Charles Schwab, said the expansion gives clients “more choices to build a digital asset allocation alongside the investing and banking experience they know and trust at Schwab.” He described the new tokens as consistent with Schwab’s approach of providing access to “familiar cryptocurrencies backed by an ecosystem of education, tools, resources, and support to make informed decisions about how crypto might fit into their broader investing goals.”
Trades cost 75 basis points, or 0.75%, on the dollar value of each transaction, according to The Block and Cointelegraph. The service covers every US state except New York and Louisiana. It is not available in US territories or outside the country, Cointelegraph reported. Charles Schwab Premier Bank holds the accounts. The affiliated brokerage Charles Schwab & Co. handles operations.
The rollout puts Schwab in direct competition with crypto-native exchanges and retail brokers that have spent years widening their altcoin selections. Schwab took a slower path. It launched with the two largest cryptocurrencies, then added three established tokens beyond that pair, The Block noted.
Scale is the backdrop. Schwab reported $13.04 trillion in client assets and 39.9 million active brokerage accounts as of July 31, per its monthly activity report cited by Cointelegraph. Record second-quarter net revenue hit $7.1 billion. Net income came in at $2.8 billion. The Block cited the client-asset figure as “over $12 trillion” and the account count as 39 million, rounded versions of the same July data.
Schwab has also moved beyond spot crypto. In June, the Wall Street Journal reported the broker plans to offer prediction contracts tied to the S&P 500 index through a partnership with Cboe Global Markets, Cointelegraph noted.
What the additions mean for Schwab’s crypto volumes remains an open question. Neither Schwab nor the sources disclosed trading activity or account sign-ups since the May launch. Vietri framed the move as part of plans to “thoughtfully expand” the firm’s digital asset offering with tokens that align with client demand.
