The largest US investment brokerage firm Charles Schwab, managing assets for $ 3.2 trillion, rejects the possibility of working with cryptocurrencies, at least for the moment.
According to Rob Farmer, Charles Schwab’s Managing Director of Corporate Communications, the company is not going to offer cryptocurrency trading services “at present,” RIAbiz reports.
“Investors should consider these currencies as a purely speculative instrument,” said Farmer.
However, according to market experts, Charles Schwab may one day start working with cryptocurrencies, for example, through an acquisition transaction. Will Trout, senior analyst at research and advertising firm Celent, said:
“At some point, Charles Schwab will be forced to start interacting with the industry. However, most likely, the company will limit its operations, for example, only deal with the storage of customer assets or own a share of the cryptocurrency exchange. ”
At the same time, Fidelity Investments – a competitor to Charles Schwab – already provides cryptocurrency trading and storage services. In July, the Fidelity cryptocurrency division applied for a license to operate as a trust in New York State.
In February, information appeared that Fidelity was finishing testing the cryptocurrency platform, and in March it was reported that a thorough selection would be made before adding the cryptocurrency to the platform. In the same month, Fidelity announced a test launch of the platform.