Fidelity Investments, one of the leading brokerage firms in the world, has announced launching Fidelity Crypto to service retail investors for trading on Bitcoin and Ether without taking any commission.
Fidelity Digital Assets has already been offering Bitcoin (BTC) service to institutional investors for the past five years. It started Ether (ETH) trading very recently.
According to the Fidelity website, the subsidiary Fidelity Investments will handle the crypto retail trading services and custodial and will be known as Fidelity Digital Assets.
Fidelity Crypto retail investors can trade Bitcoin (BTC-USD) and Ether (ETH-USD) on zero commission. The highlights include opportunity for users to trade with a minuscule $1.
Fidelity website hyped that “Fidelity Crypto is your opportunity to buy and sell bitcoin and Ethereum in the Fidelity Investments app.”
The launch date is still not revealed, but Fidelity unveiled an early access waitlist for the new crypto trading exchange on the website. Fidelity Investments Tweeted: “Get on the early-access list to trade Bitcoin and Ethereum and discover educational resources that make crypto a lot less cryptic.”
BNY Mellon, one of the oldest banks in the US, had released a research report that said 70 percent of institutional clients will invest in crypto if “services like custody and execution are available from recognized, trusted institutions.” Fidelity has seized the initiative, it seems.
Fidelity investment currently serves 40 million individual investors and has $9.9 trillion in assets under its administration.
