Charles Schwab said to be in talks to buy crypto-friendly discount broker TD Ameritrade

Startups • November 21, 2019, 7:11AM EST
UPDATED: November 21, 2019, 10:36AM EST
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Charles Schwab, the biggest investment brokerage firm in the U.S. with over $3 trillion in assets under management, is reportedly in discussions to buy rival TD Ameritrade.

The deal could be announced as early as today, CNBC reported Thursday, adding that it would create a conglomerate with $5 trillion in combined assets.

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If successful, the acquisition would consolidate the disruptive discount brokerage industry. In recent months, all of the major brokerages, including the two publicly-listed giants, have moved to or announced plans to offer commission-free trading.

It will be interesting to see if Charles Schwab alters its view on cryptocurrencies if the deal with crypto-friendly TD Ameritrade goes through. Charles Schwab recently said that it is not looking to offer direct trading services of cryptocurrencies any time soon.

TD Ameritrade, on the other hand, offers trading in bitcoin futures via derivatives exchange giant CME Group. The firm is also an investor in cryptocurrency exchange ErisX.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.