• Charles Schwab head Rick Wurster has offered a timeline for the firm to launch spot cryptocurrency trading.
• Charles Schwab is seeing significant interest in its cryptocurrency business.
• The firm has recently inked a cryptocurrency-related partnership with a Trump-controlled firm.

Over the past few years, more and more traditional finance firms have leaned into the cryptocurrency space, seeking to capture the growing demand for emerging digital assets. The trend only looks set to intensify under President Donald Trump‘s administration, as he has thrown his weight behind the industry unlike any president before.

Charles Schwab (NYSE:SCHW) is preparing to expand its cryptocurrency services. 

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In November, Charles Schwab President Rick Wurster said that the firm, which already offered cryptocurrency exchange-traded funds and futures, would offer spot cryptocurrency trading once it believed that the regulatory environment in the U.S. had improved. Now, with several regulatory agencies changing their tune on the nascent market months into the Trump administration, Wurster has offered a concrete timeline for the move.

Spot Cryptocurrency Trading Coming To Charles Schwab Soon?

Wurster said that Charles Schwab will likely launch spot cryptocurrency trading services “in the next 12 months,” in a Q1 earnings call last week, a move that will better position the firm to compete with firms like Robinhood Markets (NASDAQ:HOOD) and Fidelity.

Wurster disclosed this timeline when asked whether the firm intended to shift from its cautious approach to the cryptocurrency market to better compete with its peers.

“Our expectation is that with the changing regulatory environment, we are hopeful and likely to be able to launch direct spot crypto and our goal is to do that in the next 12 months and we’re on a great path to be able to do that,” he said.

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Indeed, Charles Schwab appears to be taking significant strides toward its goal of offering more cryptocurrency services. The firm in February named Joseph Vietri, its  branch network head, to the newly created role of head of digital assets.

These steps come as Wurster said Charles Schwab is seeing significant interest in its cryptocurrency-facing business.

“We are doing well in crypto already today,” he said during last week’s call, citing growth in new accounts and a 400% increase in visits to Charles Schwab’s cryptocurrency website. He said that the data suggested that market participants are seeking “a trusted brand” to work with.

“We’re confident we will be a great destination for investors interested in crypto,” Wurster said.

Meanwhile, Charles Schwab’s planned launch of spot trading services is not the only way it is expanding its involvement in the cryptocurrency space.

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Trump Partnership 

In January, the firm announced a partnership with Trump Media & Technology Group. (NASDAQ:DJT) to help launch the financial services and strategy brand, Truth.Fi. 

As part of the partnership, Charles Schwab is set to offer custody and advisory services under the Truth.Fi brand.  The firm will custody $250 million for Truth.Fi and guide its allocation across customized separately managed accounts, customized ETFs, Bitcoin, other cryptocurrencies and cryptocurrency-related securities.

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This article Here's When $10T Broker Charles Schwab Will Rollout Spot Crypto Trading, Chief Rick Wurster Says originally appeared on Benzinga.com

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