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Cryptocurrencies can no longer be ignored, says CEO Charles Schwab

There is no longer any doubt: cryptocurrencies have become essential parts of the global financial system. They are so essential that they are simply “hard to ignore” according to company CEO Charles Schwab. In a recent interview, he shared his and his company’s perspective on the cryptocurrency industry.

Cryptocurrencies are hard to ignore ”

In an interview he gave to Bloomberg, Walt Bettinger, the CEO of Charles Schwab, claimed that cryptocurrencies are “hard to ignore” and that in today’s world they are “very important” for development at various levels.

“We have a lot of tools for today’s clients to invest in cryptocurrencies. What we don’t offer is direct trading. We would be happy to do so if the opportunity arises from a regulatory point of view,” Bettinger said amid a series of questions ranging from the Covid-19 pandemic to remote working.

In recent years, due to the incursion of cryptocurrencies in the financial landscape of the United States, new arrangements are regularly made. Some allow significant progress to be made in better regulating the sector. However, it is not as simple as it seems. Indeed, it is still essential to establish new measures to reduce the risk of scams.

There’s a huge void to fill

Charles Schwab is one of the world’s largest financial services companies, with assets under management of more than $7.5 trillion and revenues of approximately $11.69 billion, according to a recent Q3 2020 report. Its clients have the opportunity to benefit from its services in several areas: banking, investment, wealth management advice, etc.

Among the investment offers it makes available to its clients, Charles Schwab offers to invest in cryptocurrencies. For its CEO,“There is a huge void in this space today for a company like Schwab”. He also explained that the market is suffering from a symptom that clearly reflects his unhappiness and that of decentralized finance in general: the high transaction costs.

Mr. Bettinger’s remarks are not new. This is not the first time that a professional in the sector has made these observations. In the past, BlackRock, the largest asset manager in the world, had already made the case. Its CEO had pointed out that there are a multitude of possibilities in the field, but that at the moment it is almost impossible to explore them due to the non-existent rules.

Cryptocurrencies are indispensable for the global economy, according to company CEO Charles Schwab. But for them to really play their role, new measures will have to be taken by the authorities and that they unite the interests of all.

Source : Blockworks

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Source: Cointribune

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