Allegiance to offer zero-fee crypto trading to retail investors
Fidelity Investments is set to launch a zero-fee crypto exchange for retail investors.
The asset management company is to offer a new service called Fidelity Crypto that allows retail investors to trade bitcoin (BTC-USD) and ether (ETH-USD) commission-free.
“Fidelity Crypto is your opportunity to buy and sell bitcoin and ethereum within the Fidelity Investments app,” Fidelity said on its website.
“A meaningful portion of Fidelity clients are already interested in and own crypto.”
Check: Crypto live prices
Fidelity did not provide an exact launch date for its new crypto exchange, but an early access waiting list for the new crypto exchange can be accessed on the firm’s website.
See: ‘Bitcoin Will Eat into Global Finance Until It’s $1 Million Per Coin’ | Crypto Mile
Fidelity Investments said on Twitter: “Get on the early access list to trade bitcoin and ethereum and discover educational resources that make crypto much less cryptic.”
Fidelity serves around 40 million individual investors and is one of the world’s largest brokerage firms. As of December 2021, Fidelity had around $11.8 billion (£10.3 billion) in assets under its administration.
The news comes after BNY Mellon, the oldest bank in the US, claimed in a recent research report that 70% of institutional clients will invest in crypto when “services such as custody and execution are available from recognized, trusted institutions.”
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Fidelity Crypto can meet institutional and private investors’ needs for well-recognized and trusted crypto custody services and also become a major competitor to existing cryptocurrency exchanges such as Coinbase (COIN) and Binance.
On Monday, the combined cryptocurrency market cap was $1.07tn, down 2.8% over the past 24 hours.
Bitcoin stood at $20,734, down 2.6% in the last 24 hours.
Ethereum rallied 1.3% in the past week to $1,570, while Cardano (ADA-USD) traded flat over the past 24 hours, at $0.40 per token.
One major altcoin that did well was polygon (MATIC-USD) which was priced at $1.20, up nearly 32% in the past week.
