Investment company Charles Schwab sets path for crypto-focused investment fund

by: Dynasty GI2022-03-08
US-based investment brokerage firm, Charles Schwab, filed for authorisation to create a fund designed to track an index focused on companies linked to blockchain technology.
As proposed in the filing, the fund will follow the performance of a Schwab Crypto Economy Index, with the names of the businesses that will be tracked yet to be disclosed.

However, Charles Schwab made it clear that the fund itself will not invest directly in ‘cryptocurrencies or digital assets’, although it acknowledged that the fund may have indirect exposure to cryptos ‘by virtue of its investments in companies that use one or more digital assets as part of their business activities’.

Schwab has been showing interest in the crypto space recently but it refrained from entering the sector due to concerns over regulatory uncertainty.
"This is a typical example of how it is becoming impossible to ignore the crypto world, even by more cautious traditional players in the financial sector. In this case, Charles Schwab will be engaging with cryptos ‘by proxy’ as its index will reflect the activities in the sector and it is a positive step in the right direction."
Observed Eduardo Carvalho, the founder and CEO of Dynasty Global.

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