Charles Schwab to Launch ETF Based on Its Own Crypto Index

Financial giant Schwab Asset Management announced the listing of a cryptocurrency exchange-traded fund (ETF) on NYSE Arca. Trading starts on August 4.

Schwab Launches Its First Crypto-related ETF—the Schwab Crypto Thematic ETF https://t.co/iVkCYdNUQw pic.twitter.com/18rJUZ3phy

— Charles Schwab Corp (@CharlesSchwab) July 29, 2022

ETF traded under the ticker STCE will track the ‘crypto-economy index’.

The product structure does not involve direct investments in cryptocurrencies.

According to David Botset, head of innovation and equity management at Schwab Asset Management, the initiative is aimed at meeting the growing demand from companies seeking to earn direct or indirect returns from cryptocurrencies.

Earlier, the U.S. Securities and Exchange Commission approved the launch of ETFs based on the indices of crypto-space enterprises from Grayscale Investments and Valkyrie Investments.

Back in 2021, Schwab CEO Walt Bettinger said the firm would enter the crypto industry after regulators provided greater clarity.

Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.