Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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The conditions Charles Schwab is waiting for before jumping headfirst into crypto could take shape soon, potentially bringing another big fish into the mix in a more substantial way.



The company currently allows investors to trade spot bitcoin and ether ETFs on its platform, as well as crypto futures contracts and options on certain BTC funds.&nbsp;



“We also would like to directly offer crypto and Schwabize the crypto market, which is to take a lot of the spread and the commissions out of the crypto area to create a better deal for clients,” incoming Schwab CEO Rick Wurster said in a recent <a href="https://www.youtube.com/watch?v=zqObL1KgXfo">interview</a> with Yahoo Finance.



He added: “We’ve been waiting on a change in the <a href="https://blockworks.co/news/mike-novogratz-on-trump-presidency">regulatory environment</a> in order to do that and we’re confident…that will come in short order.”&nbsp;



A Schwab spokesperson essentially echoed his sentiment to me in a Tuesday email, noting Schwab “plans to offer spot crypto trading” once the expected regulatory shifts occur.



“We understand many of Schwab’s clients are interested and engaged in cryptocurrencies, particularly with certain segments of the market, and we are monitoring this space and the regulatory environment closely,” the rep explained.



Charles Schwab’s asset management division <a href="https://blockworks.co/news/first-charles-schwab-crypto-etf-set-to-launch-next-week">launched an ETF</a> that holds crypto-related stocks in 2022. But they were <a href="https://blockworks.co/news/etf-issuers-sidelines-bitcoin-product">notably absent</a> when a bevy of issuers (including mega competitors like BlackRock, Fidelity and Franklin Templeton) brought to market US spot BTC funds in January.



A Schwab spokesperson <a href="https://blockworks.co/news/charles-schwab-bitcoin-etf-plans">told me that month</a> the firm “continues to learn and hear from investors as to their investment needs and considerations for investing in bitcoin ETFs.”



And it seems it has learned something. After all, the US BTC fund category’s net inflows <a href="https://farside.co.uk/bitcoin-etf-flow-all-data/">surpassed $30 billion</a> last week (in less than 11 months on the market).&nbsp;



Neena Mishra, director of ETF research for Zacks Investment Research, said she expects Schwab’s pending deeper dive into the crypto space to be in the form of spot bitcoin and ether ETFs.



“The space is already crowded, and the iShares product has surged ahead,” she told me. “It won’t be easy for a new product, even with a powerful brand name, to compete with the leading products in the market.”



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Are Charles Schwab spot crypto ETFs coming?

A former executive at Charles Schwab has joined bitcoin financial services firm Onramp as president of its managed wealth division.



Rich Kerr spent the past 31 years at the traditional finance giant, he told Blockworks. He was most recently Charles Schwab’s managing director of income and wealth solutions, according to his LinkedIn profile.



He also worked as director of Schwab Wealth Advisory and helped lead the giant’s client services and support unit.



&#8220;His vast experience and proven track record in wealth management align perfectly with our mission to support advisers and their clients with bitcoin financial services,” Onramp CEO Michael Tanguma said in a statement.&nbsp;



Also naming a new president (and CEO) this week was Canada-based investment firm Cypherpunk Holdings.&nbsp;



Leah Wald co-founded Valkyrie Investments and served as its CEO for several years. <a href="https://blockworks.co/news/coinshares-buys-valkyrie-fund-business">CoinShares acquired Valkyrie’s ETF business in March</a>, with Wald staying on to oversee the company’s private funds.



She now moves on to lead Cypherpunk — a publicly traded firm that invests in blockchain-related businesses and crypto assets such as BTC and SOL.



“My first priority is to assess the business and how everything is going, and then look for those new opportunities,” Wald told Blockworks.



Read more: <a href="https://blockworks.co/news/former-valkyrie-ceo-interview-on-being-cyperphunk-ceo">Cypherpunk seeks more crypto investments after SOL buy, new CEO says</a>



Another C-suite addition came from bitcoin miner Ionic Digital, which on Thursday appointed John Penver as its chief financial officer. Penver was previously the CFO of TSS, Inc.&nbsp;



The Austin-based company seeks to go public, it noted in a news release.



&#8220;Having worked in data centers for nearly 20 years, I am excited to combine my expertise in technology infrastructure and finance to ensure Ionic Digital’s corporate strategy and financials are aligned on the same level,” Penver said in a statement. “I look forward to working with the team to foster innovation and unlock Ionic Digital’s potential to be a leading publicly-traded bitcoin <a href="https://blockworks.co/tag/mining">mining</a> company.”&nbsp;



<h2 class="wp-block-heading">Other people moves&nbsp;</h2>



<ul class="wp-block-list">
<li>Ex-<a href="https://blockworks.co/tag/cftc">CFTC</a> official Joshua Sterling has joined Milbank LLP. His practice is set to focus on regulatory and enforcement issuers tied to derivatives, financial market infrastructure and crypto, the company said.</li>



<li>Auros Ventures — to invest in the digital assets and Web3 sectors — named Julien Auchecorne as its leader. Auchecorne previously held operating and advisory roles at XBTO, JPMorgan and Brevan Howard.</li>



<li>Daniel Schoenberger, former chief legal officer at the Web3 Foundation, is now general counsel at Mina Foundation.</li>
</ul>



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Crypto Hiring: Schwab veteran joins Bitcoin-focused platform

As spot bitcoin ETFs continue fighting for assets, some predict another fund issuer could soon enter the arena.&nbsp;



The asset management arm of financial giant Schwab, whose US ETFs manage about $320 billion in assets, is a candidate to launch such a fund, some industry watchers said.



Charles Schwab — alongside Fidelity — currently allows investors to trade spot bitcoin ETFs on its brokerage platform. But while Fidelity also offers its own spot bitcoin ETF, Schwab does not.&nbsp;



Read more: <a href="https://blockworks.co/news/etf-issuers-sidelines-bitcoin-product">Big ETF players remain on the sidelines amid possible milestone bitcoin fund approval</a>



The Fidelity Wise Origin Bitcoin Fund (FBTC) has seen $1.9 billion of inflows since launching on Jan. 11, according to Bloomberg Intelligence <a href="https://twitter.com/JSeyff/status/1751982123660014076">data</a>. That total is second only in the segment to the nearly $2.2 billion of inflows notched by <a href="https://blockworks.co/tag/blackrock">BlackRock</a>’s iShares Bitcoin Trust (IBIT).&nbsp;



Bloomberg Intelligence analyst said in an X <a href="https://twitter.com/EricBalchunas/status/1751242983901450648">post</a> Saturday that the success of rival <a href="https://blockworks.co/tag/fidelity">Fidelity</a>’s FBTC could spur <a href="https://blockworks.co/tag/charles-schwab">Schwab</a> “to file something sooner rather than later.”&nbsp;&nbsp;



“They&#8217;re never first to market in anything but they make [a big] impact when they come in [with a] dirt cheap fee [and] 30 [million] active brokerage [accounts],” Balchunas added.



Nate Geraci, president of The ETF Store, said in a separate X <a href="https://twitter.com/NateGeraci/status/1751082121605628377">post</a> that he agreed with Balchunas — calling Schwab’s potential entrance into the segment a “foregone conclusion.”



Though Schwab <a href="https://blockworks.co/news/first-charles-schwab-crypto-etf-set-to-launch-next-week">launched an ETF that holds crypto-related stocks</a> in 2022, the company has not revealed any plans to launch a spot bitcoin ETF.&nbsp;



A spokesperson for the firm told Blockworks Monday it does not comment on speculation.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;



“Schwab Asset Management continues to learn and hear from investors as to their investment needs and considerations for investing in bitcoin <a href="https://blockworks.co/tag/etfs">ETFs</a>,” the representative noted earlier this month. “As is the case with everything we do, if a decision is made by us to offer an ETF in this space, we will seek to deliver on those investment needs with a client focus.”



Read more: <a href="https://blockworks.co/bitcoin-etf">Bitcoin ETF Tracker</a>



The predictions by some segment observers come as State Street’s interest in spot bitcoin ETFs also remains uncertain. Fellow fund giant <a href="https://blockworks.co/tag/vanguard">Vanguard</a> meanwhile has repeatedly made its stance clear that it does not intend to launch a spot bitcoin ETF.&nbsp;



Janel Jackson, global head of ETF capital markets, said in a Jan. 24 Q&amp;A on the firm’s website that “we do not currently believe that there is an appropriate role for them to play in long-term portfolios.”&nbsp;



Vanguard also does not allow investors to buy or sell such funds on its platform.&nbsp;



Read more: <a href="https://blockworks.co/news/vanguard-disallows-bitcoin-etf-trading">As spot bitcoin ETF volumes soar, Vanguard is blocking such trades</a>



Jackson added: “In Vanguard&#8217;s view, crypto is more of a speculation than an investment.”



Ten spot bitcoin ETFs have now traded for more than two weeks after a slate of fund firms gained <a href="https://blockworks.co/news/sec-approves-bitcoin-etf">long-awaited approval from the Securities and Exchange Commission</a>.&nbsp;&nbsp;



Despite Balchunas and Geraci saying they expect Schwab to throw its hat in the spot bitcoin ETF ring, not all believe there will be more coming to market.&nbsp;&nbsp;



Sumit Roy, senior analyst at ETF.com told Blockworks earlier this month that he didn’t expect any other issuers to launch “vanilla” spot bitcoin ETFs in the future. He added at the time: “But I do expect that there will be more creative funds that add other types of exposures on top of just bitcoin.”



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Vanguard reiterates it has no bitcoin ETF plans. But what about Schwab?

The blockchain space is abuzz this week as nearly a dozen issuers gear up to introduce their various spot bitcoin ETFs. However, some of the largest fund groups are notably absent from the fracas, having chosen to remain on the sidelines.



Leading the charge among traditional finance giants is BlackRock, the world’s largest asset manager. BlackRock holds a staggering amount of nearly $2.6 trillion in assets under management in its US ETFs, as reported by VettaFi data. Its proposed entry into the bitcoin ETF space is a monumental move, signaling the blending of decentralized assets with conventional investment strategies.



Invesco, another heavyweight, currently ranking fourth in ETF assets with $450 billion, has also joined the fray. <a href="https://blockworks.co/news/invesco-and-galaxy-team-to-build-suite-of-crypto-etfs">The firm partnered with crypto-focused Galaxy Digital</a> in 2021 and filed its latest spot bitcoin ETF proposal in 2023.



But not all big ETF players have chosen to pursue such a fund.



Vanguard, State Street and Charles Schwab — respectively managing $2.3 trillion, $1.1 trillion, and $315 billion, and ranked among the top five issuers by ETF assets globally — seem to have chosen not to get involved.



“Vanguard has no intent to offer a spot bitcoin ETF or any other crypto-related products,” a spokesperson told Blockworks Tuesday.



“Vanguard believes that the investment case for cryptocurrencies is weak,” the representative added. “Unlike stocks and bonds, most crypto assets lack intrinsic economic value and generate no cash flows. And cryptocurrencies&#8217; high volatility runs counter to our goal of helping investors generate positive real returns over the long term.”



State Street Global Advisors — ranking third in US ETF assets under management — launched the industry’s first ETF, the SPDR S&amp;P 500 ETF (SPY), in 1993. It offers the largest physically-backed ETF focused on gold, an asset bitcoin is sometimes compared to.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Vanguard is Vanguard, so would never expect them to get involved w/ spot bitcoin ETF (they still don’t even have physical gold ETF)… But think State Street might regret sitting this one out… State Street birthed ETFs in US. They have largest gold ETF. Why sit this race out?&mdash; Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1742734451212185941?ref_src=twsrc%5Etfw">January 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



But despite being known as an ETF pioneer, State Street opted not to be one of a dozen or so firms to enter the spot bitcoin ETF race.



“We continuously evaluate our lineup of ETFs, and at this time we do not offer a crypto ETF,” a spokesperson said Tuesday, declining to comment further.



Read more: <a href="https://blockworks.co/news/state-street-sees-significant-opportunity-in-tokenization">State Street Sees ‘Significant Opportunity’ in Tokenization</a>



Sumit Roy, a senior analyst for ETF.com, noted State Street’s standing as the world’s largest custodian and its build-out of digital asset-focused custody solutions.&nbsp;



The firm had roughly $40 trillion in assets under custody and administration, as of Sept. 30. State Street <a href="https://blockworks.co/state-street-launches-digital-finance-unit-for-crypto/">launched its digital finance division</a> in June 2021 and entered into a licensing <a href="https://investors.statestreet.com/investor-news-events/press-releases/news-details/2022/State-Street-to-Develop-Digital-Custody-in-Collaboration-with-Copper.co-03-09-2022/default.aspx#:~:text=State%20Street%20Digital%20will%20leverage,environment%20operated%20by%20State%20Street.">agreement</a> with Copper.co in March 2022 to develop a digital custody offering for institutions.&nbsp;



“It’s possible that the firm is focusing its energy on that part of the ecosystem rather than getting involved in the crowded spot bitcoin ETF race,” Roy told Blockworks. “It&#8217;s hard to imagine that they will launch a spot bitcoin ETF in the future if they haven&#8217;t thrown their hat in the ring already.”



As for Charles Schwab, its asset management division too has not filed for a spot bitcoin ETF.&nbsp;



David Botset, head of equity product management and innovation at Schwab Asset Management, <a href="https://blockworks.co/news/blockchain-etfs-gaining-steam">told Blockworks</a> in January 2022 the company was evaluating “opportunities such as spot cryptocurrency or blockchain technologies in the form of an ETF.” The firm <a href="https://blockworks.co/news/first-charles-schwab-crypto-etf-set-to-launch-next-week">launched an ETF that holds crypto-related stocks</a> later that year.&nbsp; &nbsp;



A Schwab spokesperson on Tuesday declined to comment on future crypto ETF plans.



“I don&#8217;t think anyone else will try to launch a vanilla spot bitcoin ETF in the future, but I do expect that there will be more creative funds that add other types of exposures on top of just bitcoin,” Roy said. “A covered call bitcoin ETF, for instance, is one we are likely to see in the future.”



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Big ETF players remain on the sidelines amid possible milestone bitcoin fund approval

James Cirrone

EDX Markets, a crypto exchange aimed at institutional investors, launched Tuesday after <a href="https://blockworks.co/news/finance-giants-join-forces-to-launch-crypto-exchange">a litany of finance behemoths announced its creation</a> back in September 2022.&nbsp;



As Blockworks previously reported, the exchange’s major backers include Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia and Paradigm. <a href="https://blockworks.co/news/citadel-securities-virtu-financial-building-crypto-trading-platform">Discussion between Citadel and Virtu around creating a crypto trading platform</a> dates back to at least June of last year.



Observers had a hard time divorcing EDX’s launch from the recent slew of “regulated” crypto entrants such as Prometheum, Deutsche Bank’s attempt to <a href="https://blockworks.co/news/deutsche-bank-crypto-custody-license-germany">become a crypto custodian</a>, and Blackrock with <a href="https://blockworks.co/news/blackrock-files-bitcoin-etf">its interest in a spot bitcoin ETF</a>.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">There it is. Crypto Exchange EDX Markets Backed by Citadel Securities, Fidelity, Schwab Starts Operations Drown the crypto native exchanges in lawsuits, generate fear around them, and then let the TardFi vultures swoop in.<a href="https://t.co/WT4kJ0mbk9">https://t.co/WT4kJ0mbk9</a> <a href="https://t.co/oEus0ZG49v">https://t.co/oEus0ZG49v</a>&mdash; Hsaka (@HsakaTrades) <a href="https://twitter.com/HsakaTrades/status/1671112963812388865?ref_src=twsrc%5Etfw">June 20, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Prometheum, in particular, marks the beginning of a trend of firms acquiescing to all or most of the SEC’s demands to operate without incident in the US — unlike <a href="https://blockworks.co/news/binance-changpeng-zhao-face-sec-charges">Binance</a> and <a href="https://blockworks.co/news/sec-sues-coinbase">Coinbase</a>, both of which were sued by the securities regulator in early June.&nbsp;



Like Prometheum, which is the only company so far to <a href="https://www.businesswire.com/news/home/20230523005313/en/Prometheum-Ember-Capital-is-the-First-SEC-Qualified-Custodian-for-Digital-Assets-Securities">receive</a> a rubber stamp from the SEC and FINRA to offer digital asset custody services, EDX appears to be taking a cautious approach with US securities regulators.



To demonstrate that, in the Binance lawsuit, the <a href="https://blockworks.co/news/sec-10-tokens-securities">SEC deemed ten tokens securities</a>, including SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI. <a href="https://blockworks.co/news/sec-sues-coinbase-allegations">The Coinbase suit claimed an additional seven crypto assets were securities</a> including CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO.



None of the tokens mentioned above are available on EDX at launch, the Wall Street Journal <a href="https://www.wsj.com/articles/crypto-exchange-backed-by-citadel-securities-fidelity-schwab-starts-operations-597f6d46?utm_campaign=Digest&amp;utm_medium=email&amp;_hsmi=263193687&amp;_hsenc=p2ANqtz-_Jdbux_R0SQBs9BmTpdFSVEl9KVMMdy5YMn5F8bgadxPKiwSv-q8wssCN5GUUsB_T7nKbHFWVKrpnp_rGfhi8jCWkByNG_LtOW7wwXCBI_gCjVUzw&amp;utm_content=263193687&amp;utm_source=hs_email">reported</a>. Only four cryptocurrencies — none of which the SEC has said are securities— will be available to trade on the platform. They are bitcoin, ether, litecoin and bitcoin cash.&nbsp;



Essentially, EDX appears to be getting ahead of the storm. Exchanges left and right have been delisting tokens after the SEC clamped down. Most recently, <a href="https://blockworks.co/news/bakkt-delist-cardano-polygon-solana">Bakkt removed support for the native tokens</a> of blockchains such as Solana, Polygon and Cardano. <a href="https://blockworks.co/news/etoro-curtails-crypto-securities">Trading app eToro delisted</a> algorand (ALGO), decentraland (MANA), dash (DASH) and polygon (MATIC) last week.



Additionally, EDX’s crypto operations have been modeled after the stock market, which is under a much clearer regulatory umbrella than crypto. Just as investors don’t have direct access to the New York Stock Exchange, EDX will funnel trades on its marketplace through retail brokerages. This is a key difference from how Binance and Coinbase operate, both of which allow investors to directly trade tokens.&nbsp;



EDX is also a non-custodial exchange, according to the WSJ, another crucial departure in the business model. Though EDX does plan to launch a clearinghouse to settle trades. Still even after that, it’ll use third-party banks and a crypto custodian.



EDX is set to announce the conclusion of a second funding round on Tuesday.



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Finance giants expanding their crypto horizons with exchange launch

<div id="highlights-block_63581102ec7cb" class="highlights">
 <ul>
 <li>46% and 45% of Gen Z members and millenials, respectively, said they wish they could invest in crypto via their 401(k)s</li>
 <li>Outside of 401(k)s, 25% of respondents said they are investing in crypto as a method to save or invest in retirement</li>
 </ul>
 
</div>



The young, at least in the US, are leaning less on traditional 401(k)s to save for retirement — increasingly favoring fresh options such as crypto, per a new Charles Schwab study.&nbsp;



The <a href="https://content.schwab.com/web/retail/public/about-schwab/schwab_2022_401k_participant_survey_genz_millennials_deck.pdf" target="_blank" rel="noreferrer noopener">study</a> found that 37% of Gen Z workers and 54% of millennials say their first investing experience was through a 401(k)  — lower than 61% for both Gen X and baby boomers. 



Instead, the two younger segments are more likely to also invest in crypto, real estate, annuities and small businesses than their older counterparts. Roughly 22% of Gen Z workers first got involved in investing through mobile trading, the study found, while 11% first invested in crypto.



The online survey, conducted in April by Logica Research for Schwab Retirement Plan Services, comprised 1,000 US 401(k) plan participants.



Younger people are questioning traditional approaches to work and retirement as they have changed jobs and reconsidered priorities during the pandemic, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.aboutschwab.com%2Fcatherine-golladay&amp;esheet=52951362&amp;newsitemid=20221025005153&amp;lan=en-US&amp;anchor=Catherine+Golladay&amp;index=1&amp;md5=c13b89eb7e1cfea440e594bc3f97cafc" target="_blank" rel="noreferrer noopener">Catherine Golladay</a>, head of Schwab Workplace Financial Services, said in a statement.



“The 401(k), while still their primary retirement savings tool, is no longer viewed as their only path to retirement,” Golladay said. “They see an opportunity to reach their financial goals through diverse assets that are making them excited about investing and engaged in their financial futures.”



Thirty-two percent of respondents said they wished they could invest in crypto via their 401(k) — with 46% and 45% of Gen Z and millenials, respectively, reporting that preference.&nbsp;



<a href="https://cms.blockworks.co/fidelity-delves-deeper-into-crypto-by-allowing-bitcoin-in-401ks/" target="_blank" rel="noreferrer noopener">Fidelity Investments said in April</a> it was set to allow individuals to allocate a portion of their retirement savings to bitcoin through the company’s in-house 401(k) plans. A spokesperson told Blockworks last week that the company’s <a href="https://www.fidelityworkplace.com/s/digitalassets" target="_blank" rel="noreferrer noopener">Digital Assets Account</a> was on track to launch its first plan sponsor clients this fall.



A Charles Scwhab spokesperson declined to comment on whether they would seek to launch a similar offering.



Crypto payroll solutions company Bitwage partnered with 401(k) provider ForUsAll earlier this month to allow crypto into 401(k)s on a pre-tax or post-tax basis. Bitwage CEO Jonathan Chester told Blockworks he expects younger workers who generally underutilize the 401(k) may seek to get crypto exposure via retirement accounts for tax savings.&nbsp;



“[That could] bring more people within the millennial and Gen Z groups into the fold to maybe utilize these systems in unique ways,” Chester said. “It would be much harder to do that through a 401(k), because the employer has a fiduciary responsibility, so I would imagine that independent retirement accounts [IRAs] would lead the way.”



Outside of 401(k)s, 61% of those surveyed said they are using a savings account to save or invest for retirement, while 25% said they are investing in crypto. Millennials were most likely to invest in crypto — at 35% — while just 4% of baby boomers are doing so.&nbsp;



Thirty-nine percent reported saving in a health savings account (HSA), while 33% and 29%, respectively, said they are investing in an IRA or a brokerage account.&nbsp;



The study comes during a year in which Charles Schwab and other large financial services companies have become more involved in crypto.



<a href="https://cms.blockworks.co/first-charles-schwab-crypto-etf-set-to-launch-next-week/" target="_blank" rel="noreferrer noopener">Charles Schwab brought to market its first crypto-related ETF</a> in August following similar launches by competitors <a href="https://cms.blockworks.co/blackrock-lists-blockchain-etf-days-after-similar-fidelity-launch/" target="_blank" rel="noreferrer noopener">BlackRock</a> and <a href="https://cms.blockworks.co/fidelity-launches-metaverse-experience-in-tandem-with-new-etfs/" target="_blank" rel="noreferrer noopener">Fidelity</a>. 



Schwab was also among a group of companies, including Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, <a href="https://cms.blockworks.co/finance-giants-join-forces-to-launch-crypto-exchange/" target="_blank" rel="noreferrer noopener">to back crypto exchange EDX Markets</a> last month.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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Nearly Half of Younger People Want Crypto Exposure in 401(k)s, Schwab Study Says

<div id="highlights-block_6320afdda7b47" class="highlights">
 <ul>
 <li>Former Citadel Securities business development head leads EDX Markets as its CEO</li>
 <li>The exchange’s general counsel formerly worked in the same role at Fidelity Investments’ digital assets arm</li>
 </ul>
 
</div>



A new crypto exchange has gained the support of a swath of broker-dealers, market makers and venture capital firms as executives from the companies comprise the young company’s leadership.



Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial are among the backers for the new company, called EDX Markets. The exchange is set to go live in early 2023, according to a spokesperson.



<a href="https://www.linkedin.com/in/jamil-nazarali-2016044/" target="_blank" rel="noreferrer noopener">Jamil Nazarali</a>, the former global head of business development at Citadel Securities, joined EDX Markets as its CEO in July. <a href="https://www.linkedin.com/in/tony-acu%C3%B1a-rohter-a357879/" target="_blank" rel="noreferrer noopener">Tony Acuña-Rohter</a>, previously a chief technology officer at ErisX, now works in the same role for the new exchange. <a href="https://www.linkedin.com/in/david-a-forman-51726355/" target="_blank" rel="noreferrer noopener">David Forman</a>, a former chief legal officer at Fidelity Brokerage Services and general counsel for Fidelity Digital Assets, is EDX Market’s general counsel.&nbsp;



Representatives from the founding member firms comprise EDXM’s board of directors.



“Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more,” the company’s board said in a statement. “Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards.”



The exchange seeks to aggregate liquidity from multiple market makers to reduce spreads, improve transparency and lower investor costs, a company spokesperson told Blockworks. MEMX will provide the technology infrastructure for EDX Markets.



The participation from companies such as Charles Schwab and Fidelity Digital Assets in launching the exchange marks a continued interest in crypto from the financial services titans.&nbsp;



The latter company’s parent company moved to allow certain US workers to <a href="https://cms.blockworks.co/fidelity-delves-deeper-into-crypto-by-allowing-bitcoin-in-401ks/" target="_blank" rel="noreferrer noopener">allocate a portion of their retirement savings to bitcoin</a> through the company’s 401(k) plan investment lineup. Fidelity Investments is also <a href="https://cms.blockworks.co/fidelity-mulls-bitcoin-trading-on-all-brokerage-accounts/" target="_blank" rel="noreferrer noopener">reportedly mulling</a> how to allow retail customers to trade bitcoin on its brokerage platform, according to the Wall Street Journal.



<a href="https://cms.blockworks.co/first-charles-schwab-crypto-etf-set-to-launch-next-week/" target="_blank" rel="noreferrer noopener">Charles Schwab launched its first crypto-related ETF</a> last month. The fund’s top holdings include Marathon Digital, Riot Blockchain, MicroStrategy and Coinbase.&nbsp;



Other traditional finance players have also jumped deeper into the space in recent months, despite the so-called crypto winter.&nbsp;



BlackRock, the world’s largest asset manager with roughly $8.5 trillion, <a href="https://cms.blockworks.co/industry-watchers-execs-weigh-significance-of-blackrock-coinbase-deal/" target="_blank" rel="noreferrer noopener">partnered with Coinbase</a> last month and days later <a href="https://cms.blockworks.co/blackrock-launches-spot-bitcoin-private-trust/" target="_blank" rel="noreferrer noopener">launched a bitcoin private trust</a>. More recently, <a href="https://cms.blockworks.co/franklin-templeton-preps-first-institutional-crypto-accounts/" target="_blank" rel="noreferrer noopener">Franklin Templeton revealed its intention last week</a> to offer its first crypto-focused separately managed accounts (SMAs) to investment professionals.



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Finance Giants Join Forces To Launch Crypto Exchange

<div id="highlights-block_62e407a1c07ee" class="highlights">
 <ul>
 <li> The Schwab Crypto Thematic ETF is expected to list on the New York Stock Exchange next Thursday</li>
 <li>Charles Schwab CEO Walt Bettinger called cryptocurrencies “hard to ignore” in January </li>
 </ul>
 
</div>



Charles Schwab is set to launch its first crypto-related ETF next week, following other large fund groups that have brought similar products to market this year.



The Schwab Crypto Thematic ETF (STCE) tracks the firm’s new proprietary index, which comprises companies enabling the use of digital assets to buy or sell goods and services, as well as those developing blockchain applications, among others.



STCE is expected to list on the New York Stock Exchange on August 4, the company revealed Friday. It will carry an annual expense ratio of 30 basis points.&nbsp;



The fund will not invest in crypto directly. The US Securities and Exchange Commission has <a href="https://cms.blockworks.co/grayscale-sues-sec-over-rejection-of-proposed-spot-bitcoin-etf/" target="_blank" rel="noreferrer noopener">denied</a> many proposed ETFs seeking to hold physical bitcoin.&nbsp;



“For investors who are interested in cryptocurrency exposures, there is a whole ecosystem to consider as more companies seek to derive revenue from crypto directly and indirectly,” David Botset, Schwab Asset Management’s head of equity product management and innovation, said in a statement.



Charles Schwab <a href="https://www.schwab.com/schwab-index-funds-etfs" target="_blank" rel="noreferrer noopener">currently</a> has 27 ETFs trading in the US with assets under management of nearly $250 billion, according to ETF.com.



<h3 class="wp-block-heading">Charles Schwab is undercutting Wall Street rivals</h3>



The firm had <a href="https://cms.blockworks.co/charles-schwab-latest-etf-heavyweight-to-propose-crypto-fund/" target="_blank" rel="noreferrer noopener">first filed</a> to launch the ETF in March, a couple months after Charles Schwab CEO Walt Bettinger told Bloomberg in January that <a href="https://cms.blockworks.co/ceo-of-financial-services-giant-charles-schwab-calls-cryptocurrencies-hard-to-ignore/" target="_blank" rel="noreferrer noopener">cryptocurrencies are “hard to ignore”</a> and “fairly significant.”



The upcoming launch follows the listing of similar ETFs by <a href="https://cms.blockworks.co/blackrock-lists-blockchain-etf-days-after-similar-fidelity-launch/" target="_blank" rel="noreferrer noopener">BlackRock</a> — the world’s largest asset manager — and financial services titan <a href="https://cms.blockworks.co/fidelity-launches-metaverse-experience-in-tandem-with-new-etfs/" target="_blank" rel="noreferrer noopener">Fidelity Investments</a> in April.&nbsp;



Schwab’s new ETF undercuts the price of BlackRock’s iShares Blockchain and Tech ETF (IBLC) and the Fidelity Crypto Industry and Digital Payments ETF (FDIG), which have expense ratios of 47bps and 39bps, respectively.



Schwab’s offering is also set to be half the price of <a href="https://cms.blockworks.co/invesco-and-galaxy-team-to-build-suite-of-crypto-etfs/" target="_blank" rel="noreferrer noopener">Invesco</a>’s Crypto Economy ETF (SATO), which launched last October.&nbsp;



The crypto ETFs by BlackRock, Fidelity and Invesco have so far failed to gain significant assets, according to FactSet data, holding roughly $20 million combined.



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First Charles Schwab Crypto ETF Set to Launch Next Week

<div id="highlights-block_621fe7d1b1390" class="highlights">
 <ul>
 <li>The filing by Charles Schwab’s asset management arm follows similar proposals by competitors BlackRock and Fidelity Investments</li>
 <li>Charles Schwab CEO Walt Bettinger called cryptocurrencies “hard to ignore” in January</li>
 </ul>
 
</div>



Charles Schwab’s asset management arm is looking to join the crypto ETF fray, following industry heavyweights like BlackRock and Fidelity Investments.



The fund group filed to launch an index-tracking ETF offering exposure to companies involved with digital assets, as well as business activities connected to blockchain technology, according to <a href="https://www.sec.gov/Archives/edgar/data/1454889/000110465922029220/tm226059d1_485apos.htm" target="_blank" rel="noreferrer noopener">a Wednesday regulatory disclosure</a>.



The proposed Schwab Crypto Economy ETF plans to invest at least 80% of net assets in stocks included in the Schwab Crypto Economy Index. The filing did not list a ticker or expense ratio.



The fund would not invest in digital assets directly.



A spokesperson for the company did not immediately return a request for comment.



Charles Schwab CEO Walt Bettinger told Bloomberg in January <a href="https://cms.blockworks.co/ceo-of-financial-services-giant-charles-schwab-calls-cryptocurrencies-hard-to-ignore/" target="_blank" rel="noreferrer noopener">cryptocurrencies are “hard to ignore”</a> and “fairly significant.”



A Schwab spokesperson <a href="https://cms.blockworks.co/blockchain-etfs-gaining-steam/" target="_blank" rel="noreferrer noopener">told Blockworks that month</a> the company offers third-party mutual funds and ETFs with crypto ties through its brokerage platform and was “evaluating how and when we could offer our clients additional opportunities for exposure to cryptocurrencies.”



The Schwab filing follows BlackRock’s, the world’s largest asset manager, <a href="https://cms.blockworks.co/blackrock-files-for-crypto-etf/" target="_blank" rel="noreferrer noopener">filing to launch</a> an ETF focused on blockchain technology in January. Fidelity Investments <a href="https://cms.blockworks.co/fidelity-plots-crypto-etfs/" target="_blank" rel="noreferrer noopener">revealed plans a week later</a> to bring to market ETFs that would invest in companies involved in the metaverse and crypto more broadly.



The bank’s asset management arm oversaw roughly $380 billion of assets within index mutual funds and ETFs, as of Sept. 30, the most recent data available.



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Charles Schwab Latest ETF Heavyweight To Propose Crypto Fund

Sebastian Sinclair

<div id="highlights-block_61e8e8c8fe09d" class="highlights">
 <ul>
 <li>Charles Schwab&#8217;s CEO said crypto is &#8220;hard to ignore&#8221; and would welcome the opportunity to trade the asset if the &#8220;opportunity presents itself from a regulatory standpoint&#8221;</li>
 <li>The CEO also said there was a &#8220;tremendous void&#8221; in the crypto space for a firm like Schwab to fill</li>
 </ul>
 
</div>



In another sign of growing institutional interest in crypto, the CEO of financial services behemoth Charles Schwab gave a rare insight into how his firm is thinking about the nascent asset class.



During an <a href="https://www.bloomberg.com/news/articles/2022-01-19/schwab-ceo-sees-brokerage-of-the-future-looking-more-like-uber" target="_blank" rel="noreferrer noopener">interview with Bloomberg</a> on Wednesday, Walt Bettinger said cryptocurrencies are &#8220;hard to ignore&#8221; and that in today&#8217;s world they are &#8220;fairly significant.&#8221;



&#8220;We have a lot of ways that clients today can invest in crypto. What we don’t offer is direct trading. We would welcome the chance if the opportunity presents itself from a regulatory standpoint,&#8221; said Bettinger amid a raft of questions ranging from the Covid-19 pandemic to remote working.



Regulation in the US has made significant headway in recent years. Yet a patchwork of regulatory measures and guidance still looms, giving pause to some of the world&#8217;s largest financial firms to enter into the space. Meanwhile, US President Joe Biden looks poised to <a href="https://cms.blockworks.co/bidens-bank-regulator-pick-is-critic-of-big-banks-and-crypto/" target="_blank" rel="noreferrer noopener">increase oversight</a> on Wall Street and crypto activity in what could create a clearer runway for the bigger players.



Charles Schwab is one of the world&#8217;s largest financial services firms with assets under management of over $7.5 trillion and revenue of around $11.69 billion, according to a recent <a href="https://content.schwab.com/web/retail/public/about-schwab/SEC_Form10Q_09302020.pdf" target="_blank" rel="noreferrer noopener">Q3, 2020 quarterly report</a>. Its services range from banking and investing as well as wealth management advisory.



&#8220;There’s a tremendous void in that space today for a firm like Schwab,&#8221; said Bettinger before pointing out that crypto&#8217;s transaction costs in trading were &#8220;exceptionally high&#8221; as well as its spreads.



A spread refers to the difference between the bid price and asking prices of a security or asset.



Bettinger&#8217;s comments echo sentiments already acted upon by the world&#8217;s largest asset manager BlackRock, which leaped at the opportunity last year to take a stake in <a href="https://www.forbes.com/sites/anthonytellez/2021/08/19/blackrock-joins-fidelity-and-vanguard-as-a-bitcoin-mining-investor/?sh=7b1cd1762738" target="_blank" rel="noreferrer noopener">two bitcoin miners</a>, Marathon Digital Holdings and Riot Blockchain.



The move follows one by another large financial services firm, Fidelity Investments, which took stakes in the two miners.



BlackRock&#8217;s CEO Larry Fink said, in October, &#8220;<a href="https://cms.blockworks.co/blackrock-ceo-sees-huge-opportunities-in-digital-currency/" target="_blank" rel="noreferrer noopener">huge opportunities</a>&#8221; existed in crypto and bitcoin is &#8220;going to help consumers worldwide,&#8221; although he fell short of predicting where the asset class would sit in the long term.



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CEO of Financial Services Giant Charles Schwab Calls Cryptocurrencies ‘Hard to Ignore’

<div id="highlights-block_60c0f6fbdb099" class="highlights">
 <ul>
 <li>Brokerage firm with more than 1.3 million customer accounts expects to provide crypto trading by end of summer</li>
 <li>Competing brokerage Charles Schwab said last month it would consider more options in market upon increased regulatory guidance</li>
 </ul>
 
</div>



Interactive Brokers expects to offer cryptocurrency trading by the end of the summer, Thomas Peterffy, the firm’s chairman and CEO revealed Wednesday during the Piper Sandler Global Exchange and FinTech Conference.



The Greenwich, Connecticut-based brokerage firm conducts business in 135 markets worldwide and, along with its affiliates, executes about 3.3 million trades per day, according to its website. The firm reported in April that customer accounts rose 74% from the year-ago quarter to more than 1.3 million.&nbsp;



Interactive Brokers started providing <a href="https://www.interactivebrokers.com/en/index.php?f=25379" target="_blank" rel="noreferrer noopener">access to cryptocurrency</a> when bitcoin futures began trading on the CME in December 2017. 



Peterffy said at the conference that customers have been asking for direct crypto trading. He added that the greatest hurdle to offering these currencies is keeping customers 100% safe and ensuring that no one steals their coins despite them being untraceable, CNBC reported.



An Interactive Brokers spokesperson did not immediately comment about the firm’s decision to provide this service to customers and how it is preparing to do so in the coming months.



The plans come as Coinbase, the largest cryptocurrency exchange in the US, is <a href="https://cms.blockworks.co/coinbase-launches-revamped-prime-brokerage-services/" target="_blank" rel="noreferrer noopener">adding new services</a> to its prime brokerage offering in response to client demand. 



Interactive Brokers competitors Fidelity and Charles Schwab do not currently offer direct access to cryptocurrency. Spokespeople for both firms did not immediately return a request for comment.



Though retail brokerage customers cannot buy or sell any cryptocurrencies at Fidelity, those who have a Coinbase digital currency account can arrange to view those balances on Fidelity’s website, the company wrote in a January blog.&nbsp;



“Although bitcoin futures are now available for trading on the CBOE and CME, Fidelity does not currently have any plans to offer bitcoin futures trading for its retail brokerage customers,” the post states.&nbsp;



Meanwhile, Schwab noted in a market commentary post published on its website in May that Schwab’s access to cryptocurrency markets can be accessed through coin trusts such as Grayscale Bitcoin Trusts, Grayscale Ethereum Trusts and Grayscale Litecoin Trust.



The Schwab post notes that aspects of cryptocurrency remain “immature” and can pose risks to clients, and that the SEC’s approval of a cryptocurrency ETF will be a key step to the market’s development.



Amid the success of <a href="https://cms.blockworks.co/will-flourishing-canadian-crypto-etfs-guide-us-sec-decision/" target="_blank" rel="noreferrer noopener">Canada’s first Bitcoin ETF</a>, Fidelity, Goldman Sachs, SkyBridge Capital, NYDIG and VanEck are among the firms that have filed for a cryptocurrency ETF in the US this year, though the products await a green light from regulators. Grayscale Investments announced its <a href="https://cms.blockworks.co/grayscale-filing-to-convert-gbtc-to-etf/" target="_blank" rel="noreferrer noopener">intentions in April to convert</a> its Grayscale Bitcoin Trust (GBTC) into an ETF when possible. 



“When there is more regulatory guidance, you can expect Schwab to have more investment options for clients, including spot crypto trading and custody,” according to the company’s website.



The price of bitcoin was above $35,000 on Wednesday morning, according to CoinGecko, after <a href="https://cms.blockworks.co/bitcoin-extends-sell-off-falls-over-10/" target="_blank" rel="noreferrer noopener">dipping below $34,000 to a two-week low on Tuesday</a>. The currency had hit an all-time high of more than $63,000 in April.