Fidelity is betting big on Bitcoin and crypto with a dedicated platform – Cryptopolitan
Fidelity Investments, one of the largest asset managers in the world, has bet big on Bitcoin and cryptocurrency by launching Fidelity Crypto, a dedicated cryptocurrency investment platform.
Fidelity Digital Assets to spearhead the new platform
The new platform will be led by Fidelity Digital Assets, the firm’s specialist arm for managing digital assets.
The move by Fidelity Investments represents a significant milestone in the mainstream adoption of cryptocurrencies, according to Peter Brandt, a veteran analyst who drew attention to this development today.
The new crypto platform is offered by Fidelity Digital Assets, a platform that offers industry-leading solutions in hedging and trading digital assets.
The platform aims to provide the institutional-level security and services that Fidelity Digital Assets has provided since 2018, allowing users to trade and secure Bitcoin and Ethereum with as little as $1.
The platform will also give investors exposure to cryptocurrencies, allowing them to invest in their preferred digital assets. Initially, the new platform will only support Bitcoin (BTC) and Ethereum (ETH) at launch. However, the platform is evaluating additional cryptocurrencies to expand trading opportunities over time.
At launch, Fidelity Crypto will be integrated into the company’s award-winning mobile app, which will enable users to have all their traditional and crypto investments in one place.
Also, the platform will only be available to US citizens residing in 36 states in the country, including New York, Alabama and Washington.
Early access list
The company has already created an early access list for those interested, which will provide updates and educational content. Once on the early access list, users will be the first to receive Fidelity Crypto updates and education delivered to their inboxes.
The company’s push into cryptocurrency comes as more traditional financial institutions begin to recognize the value of digital assets. The company has established a reputation as one of the most crypto-friendly institutions in the US and has made notable moves to penetrate the crypto space.
Fidelity is not new to the cryptocurrency space. The company acquired an operating license from the Canadian authorities two years ago to launch a crypto-focused custody service in the country.
The platform also offers commission-free trading services for its customers, but these offers are limited to Bitcoin and Ethereum alone.
Last November, the company hinted at expanding its crypto offerings to accommodate other assets such as Shiba Inu (SHIB).
The financial services provider has also been vocal about the recent surge in crypto adoption, highlighting the growing attention and involvement of various entities, including federal government.
The United States, for example, has been actively exploring the possibility of introducing a central bank digital currency (CBDC). Fidelity has outlined that the main goal of the new Crypto platform is to give investors exposure to cryptocurrencies, allowing them to invest in their preferred digital assets for as little as $1.
Fidelity’s entry into the cryptocurrency space is a clear indication that the digital asset market is evolving into a legitimate asset class that demands the attention of mainstream financial institutions.
