Fidelity Investments is expanding retail access to fee-free cryptocurrency trading services, a move designed to recognize the population’s growing interest in digital assets.
According to CNBC, Fidelity’s new cryptocurrency offering will be powered by its affiliate, Fidelity Digital Assets. Dubbed Fidelity Crypto, the new service will offer retail investors the ability to buy and sell Bitcoin (BTC) and Ether (ETH) with minimal fees.. Instead of a commission, Fidelity Crypto will incorporate a 1% spread on each trade. In financial markets, a spread represents the difference between the quoted bid and ask prices for an asset.
Although Fidelity has not specified a launch date for the new offering, it has opened an early access waiting list for users. The agency said it is targeting retail investors for commission-free cryptocurrency trading because a significant portion of its clients have already invested in digital assets.
“A significant portion of Fidelity’s clients are already interested in and own crypto,” the asset manager told CNBC in a statement.
Fidelity Digital has expanded its institutional offering amid the bear market, having recently launched Ether custody and trading services to its high net worth clients. In April of this year, the asset manager announced plans to offer retirement savers the ability to invest in Bitcoin directly through their 401(k) accounts.
Fidelity has been one of the leading institutional proponents of Bitcoin and digital assets, calling BTC a “superior form of money” whose acceptance will only grow. Although most of its efforts have been focused on institutional investors, speculation about a retail offering has been growing for some time. As Cointelegraph reported, Galaxy Digital CEO Mike Novogratz said in September that Fidelity will soon open up retail access to cryptocurrencies.
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.