Fidelity Will Introduce Cryptocurrency Platform Specialized in Bitcoin and Ethereum
Fidelity Investments, a prominent American investment corporation, is getting ready to introduce Fidelity Crypto, an exclusive investment platform devoted to cryptocurrencies. This fresh offering will be spearheaded by Fidelity Digital Assets, the company’s specialized division for dealing with crypto currencies.
Peter Brandt, a veteran analyst, highlighted the importance of this development today for helping bring cryptocurrencies into mainstream use.
Brandt posted a picture with details from Fidelity, showing that the company intends to get the platform going soon. Additionally, Fidelity created Crypto Decode, an effort to make cryptocurrencies easier for those who don’t know about it.
The company also stressed the recent rise in cryptocurrency acceptance, emphasizing the increased notice and involvement from different organizations, such as federal administrations. As an example, the United States has been researching the feasibility of launching a Central Bank Digital Currency (CBDC).
Fidelity has stated that the goal of its Fidelity Crypto platform is to give investors access to cryptocurrencies, allowing them to invest in their chosen digital assets for a minimum of $1. This service will be included in the Fidelity mobile app and only Bitcoin (BTC) and Ethereum (ETH) will be available at the start.
At first, only U.S. residents from 36 states, such as New York, Alabama, and Washington will be able to access the crypto platform. Fidelity has already compiled a list of people interested in the platform and they will be sent information on updates and educational material. Upon release, it will only be available on mobile devices.
Fidelity’s Crypto Push
Fidelity has earned a positive reputation for its involvement in the cryptocurrency space, having taken steps to become more involved with digital currencies. Two years ago, it obtained authorization from Canadian regulators to set up a crypto-custody service in the country.
Fidelity provides commission-free trading for its customers, but this currently only applies to Bitcoin and Ethereum. In November, the company suggested that it may increase its cryptocurrency options to include other assets such as Shiba Inu (SHIB).
Fidelity revealed in April 2022 that its 401(k) plan would begin to include Bitcoin as an investment option, granting its clients the opportunity to invest their retirement savings in the cryptocurrency.