Fidelity Set to Launch Dedicated Bitcoin and Crypto Platform
The investment firm has opened up the early access list for interested parties.
Fidelity Investments, a leading American-based investment firm, is poised to launch Fidelity Crypto, a dedicated investment platform catering to cryptocurrencies. This new offering will be spearheaded by Fidelity Digital Assets, the firm’s specialized arm for managing digital assets.
Peter Brandt, an experienced analyst, drew attention to this development today, emphasizing its significance in advancing the mainstream adoption of cryptocurrencies.
Mass adoption moves to another level $BTC pic.twitter.com/L5vVVSmXqp
— Peter Brandt (@PeterLBrandt) March 1, 2023
Brandt shared a snapshot that included information from Fidelity, indicating that the investment firm has plans to launch the platform shortly. Additionally, Fidelity introduced Crypto Decode, an initiative to simplify the concept of cryptocurrencies for those unfamiliar with it.
Furthermore, the investment firm underscored the recent surge in crypto adoption, highlighting the increasing attention and engagement from various entities, including federal governments. The United States, for example, has been actively exploring the viability of introducing a Central Bank Digital Currency (CBDC).
Fidelity has outlined that the main objective of the Fidelity Crypto platform is to provide investors with exposure to cryptocurrencies, enabling them to invest in their preferred digital assets for as little as $1. The platform will be integrated into the Fidelity mobile app and initially support only Bitcoin (BTC) and Ethereum (ETH) upon its launch.
Moreover, in its initial stage, the crypto platform will only be accessible to U.S. citizens residing in 36 states within the country, including New York, Alabama, and Washington. Fidelity has already created an early-access list for interested parties, which will provide updates and educational content. Upon its launch, the platform will be exclusively available on mobile devices.
Fidelity’s Crypto Push
Fidelity has established a reputation as one of the most crypto-friendly institutions based out of the U.S., constantly making notable moves to penetrate the crypto space. The firm procured an operating license from Canadian authorities two years back to launch a crypto-focused custodian service in the country.
Fidelity offers commission-free trading services for its clients, but these offerings are limited to Bitcoin and Ethereum alone. Last November, the firm hinted at expanding its crypto offerings to accommodate other assets such as Shiba Inu (SHIB).
In addition, in April 2022, Fidelity disclosed that its 401(k) offering would start supporting Bitcoin, allowing its clients to invest their retirements in the asset.
