The asset management firm Fidelity Investments in the United States has made the decision to begin offering Bitcoin (BTC) trading to retail investors in order to satisfy the requirements of an increasing number of the company’s customers.
“The wait is gone,” the firm claimed in an email that was issued to a section of its subscribers on November 28, proclaiming that a Fidelity brokerage account was required in order to be able to fund a new Fidelity Crypto account. This information was revealed by an industry site called TheBlock.co.
The investment management has reached out to those clients of Fidelity who have joined a queue that was created for customers interested in trading the most prominent cryptocurrency.
It is said that users of this account would have the ability to trade BTC and Ethereum (ETH) without having to pay any commissions. Clients are required to read numerous disclosures and agree to them before conducting business with the company. One of these disclosures is a risk statement, which states that “investing in, buying and selling digital assets presents a variety of risks that are not presented by investing in, buying and selling products in other, more traditional asset classes.”
The most recent step might give a significant boost for institutional adoption, taking into consideration the strong market position held by the company, which manages assets worth over $4.5 trillion. In addition, this move is one of numerous initiatives that the firm has made over the course of the last few months to broaden the exposure that its customers have to cryptocurrency.
At the beginning of this year, the asset management Fidelity introduced a new Ethereum index fund that was designed for accredited investors. This was done as part of the asset manager’s plan to present its clients with additional investment options connected to cryptocurrencies. The debut came after the company introduced a number of products focused on cryptocurrencies prior to the launch.
“Benefits of Fidelity Investments Ether ETF provides safe storage for ether, which is handled using the company’s own services. The exchange-traded fund (ETF) makes it possible for you to obtain exposure to ether and seeks to diversify your portfolio by include one of the most significant cryptocurrencies in the world. In addition, it may be contributed to RRSPs as well as TFSAs. And given that it’s Fidelity, the benefits are all yours to enjoy, “according to a statement issued by the business.
In a similar development, three senators from the United States recently requested that a financial services company review its policy of exposing worker retirement plans to cryptocurrency assets in light of the continuous volatility of the market.
Compiled by Coinbold