Fidelity, Citadel, And Charles Schwab Join Hands To Roll Out A Crypto Trading Platform

Cryptocurrencies, despite all the skepticisms and concerns, have managed to make a considerable position in the world of finance globally.

Three financial giants, Fidelity Investments, Citadel Securities and Charles Schwab Corp are all collaborating on a new crypto trading platform.

The flagship crypto asset is currently exchanging hands at $30,139 and is up by around 2% in the last twenty-four hours.

The crypto space has expanded quite well in recent years with digital assets becoming a significant part of the finance world. Now prominent financial corporations have begun to show their interest in cryptocurrencies.

Reuters has recently reported that Citadel Securities, Fidelity Investments, and Charles Schwab Corp, the three financial giants are collaborating to develop a crypto offering that would widen access to digital assets.

Furthermore, the report highlighted that these three would then be joined by Virtu Financial Inc to create a crypto trading ecosystem that will facilitate retail brokerages to provide their customers with crypto-executions.

The project also plans on joining hands with Paradigm and Sequoia Capital, the two popular Venture Capital firms along with some retail brokerages.

Additionally, Bloomberg also reported that the project is still in its early stages of development and may not be ready by the end of this year or the beginning of 2023.

Fidelity has been quite active when it comes to digital assets. Earlier, Fidelity got into a controversy to facilitate the crowned cryptocurrency Bitcoin (BTC) into its 401(k) accounts. While the US Labour Department raised concerns over this step signifying that it threatens the financial security of the Americans.

But despite all, Fidelity is all into the optimism related to cryptocurrencies and plans to further take steps towards them. It also plans to hire crypto-focused individuals to increase its crypto arm Fidelity Digital Assets.

Although the crypto market has witnessed several downtrends in recent times resulting in a bearish market. But it seems like the crypto-supportive firms are firm with their thoughts on the future crypto potential. It is to look forward to how the crypto market would perform in the year.

At the time of writing, Bitcoin (BTC) is exchanging hands at $30,139 with a market cap of $574,519,422,856 and is up by around 2% in the last twenty-four hours.

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