Fidelity, the largest investment firm in the world, now appears to be facilitating Bitcoin and Ethereum trading for individual clients. The $4.5 trillion asset management has established a waitlist for early access for investors to trade both assets, potentially providing 34 million people access to cryptocurrencies.
JUST IN: $9.9 trillion-asset manager Fidelity launches commission-free #crypto trading for retail investors.
— Watcher.Guru (@WatcherGuru) November 3, 2022
Fidelity Crypto will also give investors access to resources to introduce them to the bitcoin market. Furthermore, stock trading capabilities will be available to users within the same app. Although future plans may include supporting additional cryptocurrencies, at present, only Ethereum and Bitcoin are available.
Instead of charging a flat fee for trades, Fidelity Crypto users will pay a 1% spread. In the financial markets, a spread is the difference between the sell and buy prices for a given asset.
High-Security Cryptocurrency Wallet from Fidelity
The release date for the new product is not yet confirmed, but the company has started an early access queue for eager customers.
The brokerage has stated that it caters to individual investors for commission-free bitcoin trading because a significant portion of its clientele is already invested in digital assets.
As the bear market continues to go on, Fidelity Digital has expanded its institutional capabilities to include Ether custody and trading services for its high-net-worth clients. The asset manager announced in April this year that they planned to implement a system that would allow 401(k) plan members to invest directly in Bitcoin.
In an email sent out on Thursday, Fidelity praised Ethereum’s “growing influence” and creativity, calling it a “dominant force” with “great aspirations.” Fidelity Digital Assets, the financial manager’s cryptocurrency-focused business, began selling Bitcoin to institutions in 2018.
This month, it opened a new division dedicated to institutional Ethereum trading. This now works with Fidelity Crypto as well.