Financial services giant Charles Schwab plans to launch a crypto ETF product

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• Schwab's asset management arm followed similar filings by rivals BlackRock and Fidelity Investments.

Charles Schwab CEO Walt Bettinger said in January that cryptocurrencies are "hard to ignore."

Following industry giants such as BlackRock and Fidelity Investments, Charles Schwab's asset management arm is looking to join the fray in the crypto ETF space.According to a regulatory filing on Wednesday

, the fund group applied to launch an index-tracking ETF, which mainly provides investment exposure to companies involved in digital assets and business activities related to blockchain technology.

The proposed Schwab Crypto Economy ETF plans to invest at least 80% of its net assets in stocks included in the Schwab Crypto Economy Index. The document did not list specific transaction symbols or rate information. The fund will not invest directly in digital assets.

A spokesman for Charles Schwab did not immediately respond to a request for comment.In January, Charles Schwab CEO Walt Bettinger said in an interview with Bloomberg,Cryptocurrencies are "hard to ignore" and in today's world they are "quite important."

Bettinger said, “We now have many ways for customers to invest in cryptocurrencies, but we do not provide direct transactions. From a regulatory point of view, if there is an opportunity, we will welcome it. There’s a huge void right now.” Bettinger also noted that transaction costs for cryptocurrencies and their spreads are “exceptionally high.”A Charles Schwab spokesperson told Blockworks at the time

, which offers third-party cryptocurrency-related mutual funds and ETFs through its brokerage platform, and is “evaluating how and when we can provide our clients with greater exposure to cryptocurrencies.”iShares Blockchain and Tech ETFCharles Schwab's filing follows a January filing by BlackRock, the world's largest asset manager, to launch an ETF focused on blockchain technology.application documents. a week laterFidelity Investments Unveils Its Plans to Bring ETFs to Market