Fidelity and Charles Schwab back cryptocurrency trading platform

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The brokerage does not intend to offer direct crypto trading at this stage, but “will consider introducing direct access to cryptocurrencies when regulations are clearer,” Hooper said.

Plans could change depending on the regulatory landscape and future market conditions, the people said. Aspects of Citadel Securities and Virtu’s efforts were previously reported by CoinDesk.

Investors who buy crypto typically use crypto exchanges like FTX Trading Ltd., Coinbase Global Inc., or brokerage apps like Robinhood Markets Inc. Citadel Securities founder Ken Griffin said the company plans to create markets in crypto, without providing a specific timeline.

Earlier this year, Fidelity announced that 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 enables clients such as hedge funds, family offices and other institutions to exchange and store currencies virtual.

Schwab CEO Walt Bettinger has also expressed interest in crypto. In a January interview, he called crypto “hard to ignore,” saying that “there is a huge void in this space today for a company like Schwab.”

(Image: Chris Nicholls/ALM, Adobe Stock)

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