Fidelity Opens Waitlist for New Crypto Platform

Fidelity Crypto will offer retail clients commission-free trading of Bitcoin and Ether.

Immediately upon launch, Fidelity Crypto will only allow investors to trade Bitcoin and Ether. /Adobe Stock

Fidelity Investments is preparing to launch a new crypto trading platform designed for retail clients. The waiting list for the platform, dubbed Fidelity Crypto, opened this morning.

According to Fidelity’s website, the financial services giant’s new crypto service will be made available through the Fidelity Investments app; users will be able to manage their crypto investments and transactions through Fidelity Digital Assets, the company’s existing crypto management platform for institutional clients, which launched last month.

After launch, Fidelity Crypto users will be able to transact as long as they have at least $1 in their accounts. The new platform will initially allow trading in Bitcoin and Ether – the world’s two largest cryptocurrencies by market capitalization – but Fidelity says on its website that “additional cryptocurrencies are being evaluated to expand trading opportunities over time”.

While trading on Fidelity’s new platform will be commission-free, the company also notes that it will factor in a spread – the difference between the execution price and the price at which the order is executed – of 1% for each transaction.

The move from Fidelity — one of the world’s largest financial brokerage firms, which currently manages around $9.9 billion in assets, according to its website — is the latest signal of the slow but steady adoption of the crypto by traditional finance. Another recent example: last month, MasterCard announced the upcoming launch of Encryption sourcea platform that aims to help banks start offering crypto services to customers.

Fidelity is clearly keen to position itself as a pioneer in the Web3 space. Earlier this year, the company unveiled a branded virtual space called the “Loyalty Stack” in Decentraland. The space offered games, a virtual dance floor and a course on financial literacy.

Just below Fidelity Crypto’s waitlist sign-up section, the company provides a disclaimer: “Crypto is highly volatile, can become illiquid at any time, and is aimed at investors with a high risk tolerance. . Crypto investors could lose the entire value of their investment.

Fidelity has not said when its new crypto platform will officially launch.

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