Yahoo Finance Fidelity to offer zero-fee crypto trading to retail investors
Fidelity Investments is set to release 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 in the Fidelity Investments app," Fidelity said on its website.
“A meaningful portion of Fidelity customers are already interested in and own crypto."
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Fidelity did not provide an exact launch date for its new crypto exchange, but an early access waitlist for the new crypto trading exchange can be accessed on the firm's website.
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Fidelity Investments said on Twitter: “Get on the early-access list to trade bitcoin and ethereum and discover educational resources that make crypto a lot 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 $11.8tn (£10.3tn) 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 like custody and execution are available from recognised, trusted institutions.”
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Fidelity Crypto could provide meet institutional and retail investors' need for well recognised and trusted crypto custodian services and also become a major competitor to existing cryptocurrency exchanges such as Coinbase (COIN) and Binance.
On Monday the combined cryptocurrency market cap amounted to $1.07tn, a fall of 2.8% in the past 24 hours.
Bitcoin stood at $20,734, down 2.6% over the past 24 hours.
Ethereum slid 1.3% over 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 was performing well was polygon (MATIC-USD) which was priced at $1.20, up almost 32% in the past week.
