Walt Bettinger apparently isn't a betting man. He's refusing to wager Charles Schwab & Co.'s money on the coming of crypto-currencies. In fact he's not even taking a seat at the table.
The San Francisco firm most RIAs call home is conspicuously absent from the rush to create crypto-currency trading and custody platforms, even as its next closest rivals, Fidelity, TD Ameritrade and Pershing, are dealing themselves in on the trend.
Direct trading of crypto currencies just isn’t on the Schwab radar “at this time." says Rob Farmer, Schwab’s managing director for corporate communications, via email.
“Investors should view these currencies as a purely speculative instrument.”