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The consortium of firms behind the project includes venture capital firms Sequoia Capital and Paradigm, as well as a few retail brokerages, the source said.
The project, which was first reported by CoinDesk, is still very early in its development, the source said.
Bloomberg reported the firms were developing a crypto offering with help from Fidelity Investments and Charles Schwab (NYSE:SCHW) Corp that would widen access to digital assets, citing people familiar with the matter.
Schwab told Reuters on Tuesday it had made a minority, passive strategic investment in a new digital asset venture.
“We recognize that there is considerable interest in cryptocurrencies … and will consider introducing direct access to cryptocurrencies when there is further regulatory clarity,” Schwab said in a statement.
The product, still in its early development, could be available late this year or early next, the Bloomberg report said.
