Charles Schwab is reportedly creating a new executive position as the financial service giant expands its tentacles into the crypto assets investment space.
The new position, head of digital assets, will be responsible for Charles Schwab’s overall crypto assets strategy, reports Barron’s.
Joe Vietri, a former head of the branch network at the financial services giant, will serve as the inaugural head of digital assets.
Charles Schwab, which boasts approximately $10.33 trillion in total client assets, already offers its clients exposure to crypto through regulated products such as the spot Bitcoin exchange-traded funds (ETFs) which were greenlit in the US in January of 2024. With Vietri at the helm, the financial services giant is looking to expand its range of crypto offerings.
In a Bloomberg Radio interview in November of 2024, Charles Schwab CEO Rick Wurster said the firm was considering offering spot cryptocurrency trading services in the United States.
“We will get into spot crypto when the regulatory environment changes, and we do anticipate that it will change, and we’re getting ready for that eventuality.”
Last month during the fourth-quarter earnings call, Wurster said Charles Schwab’s customers have shown a growing interest in crypto assets.
“We’re doing really well in crypto. We have a lot of ways to meet our clients’ needs. ETFs, the crypto ETFs have really grown on our platform. You can buy futures, you can invest in a variety of closed-end funds and different products that will meet clients’ needs. We have a crypto site that we attract clients to. And in fact, in the fourth quarter, we had a 400% increase in the number of visitors to our crypto site. 70% of those visitors were prospects.”
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