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Date: 2022-11-30 04:58:42
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Fidelity, one of the world’s largest investment management service providers, has officially launched Bitcoin (BTC) trading for retail accounts. The service will allow retail investors to buy and sell BTC.
Earlier this month, Fidelity announced a waiting list for digital asset trading accounts. At around the same time, it was revealed the investment giant was preparing to launch a Bitcoin and cryptocurrency trading product for retail investors. The product, labeled Fidelity Crypto, would be commission free while charging only a 1% spread on every trade.
Fidelity Crypto was expected to launch under Fidelity Digital Assets, a subsidiary of the company focused on digital assets. The platform would provide retail investors the ability to buy and sell Bitcoin and cryptocurrencies, as well as allow access to custodial and trading services offered by Fidelity Digital Assets.
The platform officially launched on November 28th and was confirmed by a Fidelity email reading, “the wait is over,” to some users on the waiting list. The email also stated that users will need a Fidelity brokerage account to be able to fund a new Fidelity Crypto account.
Fidelity has been involved with BTC for quite some time. The financial services provider began mining BTC in 2014, and in December 2021, launched a spot Bitcoin ETF in Canada. Earlier this year, it also launched a 401k plan that allows users to add BTC to their accounts.
This has attracted scrutiny from some senators, who in a letter to the company’s CEO, stated that “Fidelity Investments has opted to expand beyond traditional finance and delve into the highly unstable and increasingly risky digital asset market.”
Despite this and the current shaky state of the industry, Fidelity seems committed to Bitcoin, as demonstrated by their launch of Fidelity Crypto for retail investors.