The renowned investment firm Fidelity Investments has recently decided to allow retail investors to trade Bitcoin and Ethereum. An early access list for customers to trade both assets has been established by the $4.5 trillion asset management company, giving 34 million investors potential access to cryptocurrencies.
Notably, the company will initially offer only Bitcoin and Ethereum trading but it assures that more digital assets would be added in the future. The product’s launch date is yet to be released.
The Fidelity Crypto service application will give customers access to help the newbie investors seeking contents related to the crypto market. Within the same app, users will be able to make investments.
Bitcoin a “dominant force”
In an email on Thursday, Fidelity described Ethereum as a growing influencer and Bitcoin as a “dominant force” with “big ambitions.” The website states that trades are “commission free”. However, it clears that Fidelity would only charge a maximum 1% margin depending on the value at which a user purchased their cryptocurrency and the price at which the transaction was executed.
Fidelity Digital Assets, which started selling Bitcoin to institutions in 2018, has planned to expand its crypto team with 100 new hires, as TheCoinRise reported. Just this month, the company launched an institutional Ethereum trading platform and now it will also support Fidelity Crypto.
It hasn’t even been two weeks since Michael Durbin, Fidelity Institutional President stated that he expects more room for cryptocurrency in consumer portfolios, Fidelity’s announcement of releasing a retail-focused product comes.
Interestingly, the massive expansion plan comes shortly after the company reported huge institutional crypto adoption despite the ongoing crypto winter.
It is important to note that the Hong Kong Securities and Futures Commission is planning to allow retail investors to trade crypto, as TheCoinRise reported. Moreover, Singapore banking giant DBS has decided to expand its Bitcoin services to retail investors.