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• Charles Schwab has launched a spot cryptocurrency trading platform for retail clients, entering direct competition with Robinhood Markets (NasdaqGS:HOOD).

• The new Schwab platform targets the same retail audience that uses Robinhood for crypto trading.

• This move adds pressure on Robinhood’s crypto business at a time when the company has already experienced weakness in crypto related revenue.

Robinhood built a large part of its identity around easy access to trading, including crypto, for retail investors. With Charles Schwab now offering spot crypto trading to its sizable brokerage client base, Robinhood faces a well…