Coinbase drops after Charles Schwab details spot crypto trading launch

Shares of Coinbase (COIN) fell nearly nearly 1% in early trading to $194.00 after Charles Schwab (SCHW) announced Schwab Crypto, a spot crypto trading offer that will begin a phased rollout to retail clients in the coming weeks. Schwab said Schwab Crypto will provide direct access to bitcoin and ethereum trading, combined with educational content and professional support. At launch, Schwab Crypto will include direct trading in bitcoin and ethereum, digital assets education and resources, and the ability to view and trade cryptocurrency and traditional investments side-by-side across Schwab.com, Schwab Mobile, and thinkorswim. Over time, Schwab plans to add additional cryptocurrencies to the platform, as well as transfer capabilities for both deposits and withdrawals, allowing clients with existing digital asset investments to bring them to Schwab alongside their other investments. “With Schwab Crypto, investors can access familiar cryptocurrencies within an all-in-one investing and banking experience, backed by an ecosystem of education, tools, resources, and support so they can make informed decisions about how crypto might fit into their broader investing goals,” said Joe Vietri, Head of Digital Assets at Charles Schwab. Shares of Robinhood (HOOD) are up 0.2% to $87.53.