Yahoo Finance

• 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.