Fidelity Offers Full-Scale Trading Services for Bitcoin and Ethereum
In a significant move for the cryptocurrency industry, Fidelity, one of the leading financial institutions in the US, has announced that it will provide full-scale trading services for Bitcoin (BTC) and Ethereum (ETH) for individual investors. The company has been testing the waters since last November, allowing limited early access to a waitlist of customers, but this week it has opened up the service to all its customers.
The new service, called “Fidelity Crypto,” will be integrated into the company’s app and will allow millions of users to trade Bitcoin and Ethereum without any commission fees. While there will be a spread of 1% factored into the execution price, the service remains a great deal for investors who want to participate in the cryptocurrency market without being burdened with high transaction costs.
Fidelity’s move to offer cryptocurrency trading services is indicative of the growing acceptance and adoption of digital assets in the mainstream financial sector. By allowing its customers to trade Bitcoin and Ethereum, Fidelity is acknowledging the importance of cryptocurrencies as an alternative asset class that can generate significant returns for investors.
According to Tom Jessop, the head of Fidelity Digital Assets, “the decision to launch Fidelity Crypto is a natural extension of Fidelity’s long-standing commitment to democratizing access to information and investment opportunities.” He added that the company’s goal is to make digital assets “more accessible to investors.”
At present, only Bitcoin and Ethereum are available for trading on the platform, but Fidelity may add support for other cryptocurrencies in the future. One important point to note is that withdrawals haven’t been enabled on the platform yet.
To access Fidelity Crypto, new customers must create a Fidelity Brokerage account during the setup process. The service is open to both new and existing customers, although it’s worth noting that it’s not yet available in all states.
Fidelity’s entry into the cryptocurrency market is a significant development that could help bring digital assets into the mainstream. With its reputation for reliability and security, the company is likely to attract many investors who were previously wary of trading cryptocurrencies due to concerns about regulation and security. As such, this move could help drive broader adoption of cryptocurrencies and increase their legitimacy as an asset class.
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