Schwab Asset Management, the asset management department of The Charles Schwab Corporation, has announced its crypto-focused ETF.
According to a press release by the company, the first ETF will begin trading on the New York Stock Exchange on August 4.
Schwab’s ETF offers investors the opportunity to access firms that can generate income from the development or exploitation of crypto assets.
Increasing Popularity of Crypto-Focused ETFs
As the cryptocurrency industry grows in popularity, many financial giants are also launching crypto-focused ETF products. Prior to Schwab, huge financial institutions like BlackRock and Fidelity Investments also launched crypto-focused ETFs.
David Botset, head of product management and innovation at Schwab, said:
“The Schwab Crypto Thematic ETF aims to provide access to the growing cryptocurrency ecosystem, along with the transparency and low cost that investors and advisors expect from Schwab ETFs.”
Schwab, who made his first statement about crypto last March, stated that he would offer the crypto product to 33 million customers.
Companies such as Citadel Securities, Fidelity Investments, and Charles Schab Corp have also announced that they have partnered to offer a new crypto service.
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