Source: Wit Olszweski – Shutterstock
- Fidelity Investments launches commission-free Bitcoin and Ethereum trading platform for retail investors
- Investors gradually leave traditional financial firms and seek maximum profits in the crypto space.
American multinational financial services, Fidelity Investments, launches Bitcoin and Ethereum trading activities for retail investors. According to the reports, the company plans to provide a commission-free cryptocurrency trading platform. Currently, Fidelity Investment handles over $9.9 trillion in assets, and the firm also recorded a revenue of $24 billion in 2021. Recent reports reveal the company will offer Bitcoin and Ethereum investment through its new cryptocurrency service.
The new platform called Fidelity Crypto will allow retail investors to trade Bitcoin and Ethereum. Users must have a minimum account of $1 before they can access the trading services. The trading services will be available through Fidelity Digital Assets, a subsidiary of Fidelity Investments. Since 2014, Fidelity Digital Assets has been researching Bitcoin and the blockchain space. However, crypto investments were limited to institutional investors.
In October 2022, Fidelity Investments announced Ethereum custody for institutional investors called Ethereum Index Fund. The announcement came after the transformational Ethereum merge. During the merge, Ethereum switched to a proof-of-stake (PoS) mechanism from the former proof-of-work (PoW). A circulating email for Fidelity’s institutional investors confirmed the launch of the Ethereum services. The email reads:
Institutional Ethereum capabilities are coming to the Fidelity Digital Assets platform on October 28, 2022. Investors will be able to buy, sell, and transfer ether, accessing the same operational excellence, robust security, and dedicated client service model provided for bitcoin investments today.
Fidelity Crypto: Retail investors can now trade Bitcoin and Ethereum
The delve into Ethereum by Fidelity shows the company’s developing interest in altcoins. Prior to the introduction of Ethereum, Bitcoin had gained popularity on the platform. The financial firm refers to Bitcoin as a “superior form of money.” The recent provision of Bitcoin and Ethereum trading to retail investors through Fidelity Crypto confirms the acceptance of the altcoin.
According to a statement by Fidelity Investments, many customers requested the newly-unveiled extended service. The company said: “A meaningful portion of Fidelity customers are already interested in and own crypto. We are providing them with tools to support their choice so that they can benefit from Fidelity’s education, research, and technology.”
Fidelity’s latest service potentially draws many traders to the platform, thanks to the commission-free transaction. However, there will be a 1 percent spread on every trade execution price. Fidelity has successfully joined the league of top companies providing commission-free crypto services.
Companies like Robinhood currently provide retail investors with a commission-free trading platform. Recently, investors have been gradually deserting traditional financial firms to maximize revenues. With Fidelity Crypto, many retail investors can earn handsome revenues for investing in Bitcoin and Ethereum. Fidelity Investments has also joined the endless list of traditional financial companies interacting with the crypto space.
Credit: Source link
