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- Leading U.S. based investment firm Fidelity is planning to launch Fidelity Crypto, an investment arm solely dedicated to digital currencies.
- Fidelity Crypto will serve 36 states in the country, and will be made available to only U.S. citizens.
Despite industry leaders raising concerns about the cryptocurrency regulatory policies in the United States, some leading firms are iterating confidence in the market, by taking steps to launch Crypto-related ventures.
Most recently, the top U.S. based investment firm Fidelity investments, has hinted that it will roll out an investment arm dedicated to digital currencies. Dubbed “Fidelity Crypto, the platform is designed to focus on cryptocurrency investments.
Prominent Cryptocurrency analyst Peter Brandt took to Twitter to update the crypto-twitter community on Fidelity’s move. The analyst shared a screenshot highlighting a section of the company’s official website that read “Fidelity Crypto is coming soon.”
Mass adoption moves to another level $BTC pic.twitter.com/L5vVVSmXqp
— Peter Brandt (@PeterLBrandt) March 1, 2023
On the homepage, a section highlights “Crypto decoded”, an initiative designed to help newbies interested in their services to understand the concept of digital currencies.
Customers will not be charged for commission
Fidelity appears to be calling for early birds to make their way into the platform and gain an early access list to trade digital currencies. Although there was no mention of any other digital asset for trading, except the leading cryptocurrency Bitcoin, and the second largest crypto Ethereum. The platform will also be integrated into the Fidelity mobile app once it launches. The website reads.
Get on the early-access list to trade bitcoin and ethereum. Start with the names you know, invest with a name you can trust. Plus, get education that takes the code talk out of crypto.
It was also noted that Fidelity Digital Assets is behind Fidelity Crypto, as it provides services for the platform.
It is also worth mentioning that Fidelity Crypto is limited to only a select few states in the United States.
The services will be made available in Alabama, New York, and Washington, along with 33 other states in the country. At present, the platform is restricting participation to only U.S. citizens.
Fidelity Crypto is also offering a mouth-watering incentive to prospective customers, revealing that trading Bitcoin and Ethereum will attract zero commissions.
You will not be charged a commission on bitcoin or ether (“crypto”) trades placed through Fidelity Crypto. Fidelity Digital Assets will collect a spread (assessed at no more than 1%) calculated as the difference between the price at which you buy or sell crypto in your Fidelity Crypto account and the price at which Fidelity Digital Assets fills your order.
Fidelity explained, adding that the spread will be reflected in a customer’s execution price. While fees are subject to change, Fidelity digital assets say it might not charge a spread.
