Charles Schwab Corporation launching crypto EFT on NYSE

The financial services sector has seen a lot of changes in recent years, with the rise of cryptocurrencies and other digital assets being one of the most significant. This has led to a number of different financial firms offering products and services related to cryptocurrencies, including exchange-traded funds (ETFs).

One of the latest firms to enter the cryptocurrency space is Charles Schwab, with the financial giant set to launch its first crypto-related ETF on the New York Stock Exchange (NYSE) from August 4.

The ETF, which is called the Schwab Crypto Thematic ETF, will provide investors with exposure to companies that may profit from the development or use of cryptocurrencies. This includes firms involved in cryptocurrency mining, trading, and brokerage services.

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)

Interestingly, Schwab is not the only financial firm to launch a cryptocurrency-related product this year. BlackRock (NYSE: BLK) and Fidelity Investments have also launched their own crypto products, with the latter even allowing its clients to trade cryptocurrencies on its platform.

The Schwab Crypto Thematic ETF seeks to provide access to the growing global crypto ecosystem along with the benefits of transparency and low cost that investors and advisors expect from Schwab ETFs.

- David Botset (Schwab)

This shows that there is a growing demand for products and services related to cryptocurrencies, as more and more people become aware of the potential of these assets. With that being said, it will be interesting to see how the Schwab Crypto Thematic ETF performs once it starts trading on the NYSE.