Charles Schwab opens direct cryptocurrency trading in 48 U.S. states, supporting bitcoin and ether

U.S. financial firm Charles Schwab has started direct trading of bitcoin and ether across about 40 million securities accounts.

On Aug. 13 local time, blockchain outlet Cryptopolitan reported that Charles Schwab customers can now buy and sell the two cryptocurrencies directly on the same platform they used to trade stocks and bonds.

The service was launched as a product called Schwab Crypto. It is available in 48 U.S. states, excluding New York and Louisiana. The trading fee is 0.75 percent, and Charles Schwab Premier Bank and Paxos will run operations.

The launch extends Schwab's planned expansion of spot cryptocurrency trading. In its second-quarter earnings release, Schwab said the launch timeline was proceeding as planned. In May, it also made official that it would expand its cryptocurrency business to meet customer demand. Forbes put the number of eligible accounts at about 40 million, up from 39.1 million in May when the service applied.

Joe Vietri (조 비에트리), head of digital assets at Charles Schwab, said the company aims to become the platform most preferred by retail investors seeking to add digital assets to their portfolios. He said the company has advantages in service, education and research when trading cryptocurrencies alongside other investment assets.