Fidelity Investment will launch a new crypto trading product for retail investors in the United States. The firm has been launching new products and offerings to offer its clients exposure to Bitcoin and crypto across multiple options.
Per a report from CNBC, the firm will launch a commission-free crypto trading product. To this end, the $9.9 trillion firm in assets under management (AUM) opened early access via a waitlist.
The crypto trading product will provide users with exposure to Bitcoin and Ethereum. The offering will break down educational barriers for people to invest in digital assets with a “name you can trust,” according to the official website.
In a statement shared with CNBC, a Fidelity spokesperson said the following about the product and the interest in digital assets despite the persistent downside trend:
Where our customers invest matters more than ever. A meaningful portion of Fidelity customers are already interested in and own crypto. We are providing them with tools to support their choice, so they can benefit from Fidelity’s education, research, and technology.
Crypto Trading With No Commissions, And No Complexities?
Fidelity’s crypto division will launch the crypto trading product under Fidelity’s crypto division, called Fidelity Crypto. As mentioned, the product will operate under a commission-free scheme. The firm will charge a 1% spread to execute trades on its platforms.
In addition, the firm will provide users with access to educational material via a Learning Center. Like Robinhood and Binance.US, Fidelity will enable customers to purchase crypto and stocks.
About their new product, Fidelity wrote:
Cryptocurrency research by Fidelity Digital Assets led to industry-leading solutions in the securing and trading of digital assets. Top institutions worldwide trust their expertise to provide secure, reliable support. When you use Fidelity Crypto, you get access to the same powerful insights to help take on this seismic shift in finance.
Tearing Down Barriers To Access Crypto
The new product will be available for 36 of the 50 states in the United States. In addition to crypto trading services, the platform will provide customers with access to custodial services. Customers using the Fidelity Investment app, available for Android and iOS, can access it.
Clients can buy and sell Bitcoin and Ethereum for as little as $1. The firm might expand its crypto product to offer other cryptocurrencies, but it will stay with BTC and ETH because they are “the top cryptocurrencies by market cap.”
According to Fidelity Crypto’s website, there is no official launch date for the product. Users will have different waiting times ” based on several factors.” The firm added:
We don’t have an exact date for when you’ll get access from the early-access list (…). Your Fidelity Crypto invitation will be sent to you based on a number of factors including the timing of when you signed up, your state’s eligibility, and mobile phone’s operating system to make setup smooth.