Charles Schwab announced it is expanding its recently released crypto trading business by adding three major altcoins.
Just a few months after it launched its first notable cryptocurrency-focused platform, the Wall Street behemoth has expanded its offering beyond Bitcoin and Ethereum.
The giant recently announced that its Schwab Crypto trading service will add Solana (SOL), Chainlink (LINK), and Avalanche (AVAX) in the coming months.
Adding More Alts
The new additions will allow eligible company clients direct access to five cryptocurrencies after the product launched with only Bitcoin and Ethereum in May this year. What’s even more notable now is that Charles Schwab said these won’t necessarily be the last added altcoins, as it plans to introduce more digital assets over time.
“With this expansion, clients will have more choices to build a digital asset allocation alongside the investing and banking experience they know and trust at Schwab. These additions are consistent with our approach to provide clients with 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,” said the entity’s Head of Digital Assets, Joe Vietri.
Charles Schwab clients can view and trade their crypto holdings alongside traditional investments on its website, mobile application, and thinkorswim platform. The company explained that crypto trades carry a fee of 75 basis points on the dollar value of each transaction.
It’s worth noting that certain geographical limitations are still in place. Schwab Crypto remains unavailable to residents of New York and Louisiana, as well as customers in US territories and international jurisdictions.
The statement also clarified that support for any of the announced digital assets could still be delayed, changed, or withdrawn depending on regulatory, market, operational, or risk-related developments.
Market Revival
The BTC- and ETH-only launch of the company’s crypto platform came just ahead of the May rally, which drove the leading digital asset to almost $83,000. What followed were three months of selling pressure and new lows, with BTC dipping below $58,000 on July 1.
However, the new altcoin additions find the market in a much better state. BTC broke out of its consolidation range and rocketed to $81,000 on a couple of occasions. Most altcoins have followed suit, including the ones mentioned above. SOL is up by over 40% in the past month, LINK has gained 38%, while AVAX has added a more modest 15%.