Fidelity Investments, one of the largest asset management firms in the world has launched a crypto trading service, giving its customers the ability to embrace Bitcoin (BTC) and Ethereum (ETH) directly.
As reported by CNBC, the new service is dubbed Fidelity Crypto and will be powered by Fidelity Digital Assets, a more developed offshoot the company launched to handle its investments in the nascent crypto ecosystem.
Embracing Bitcoin and Ethereum through Fidelity has been made relatively hassle-free as no commission is charged. While most institutional investment firms typically require only their most wealthy clients to invest in cryptocurrencies, Fidelity has set a threshold of a minimum of $1 in order to be able to maintain the account.
The company said it will be adopting the revenue generation model of Robinhood and Binance.US and it will be adding a 1% spread into every trade execution price.
“Where our customers invest matters more than ever,” Fidelity said in a statement shared with CNBC. “A meaningful portion of Fidelity customers are already interested in and own crypto. We are providing them with tools to support their choice, so they can benefit from Fidelity’s education, research, and technology.”
Fidelity has over $9.9 trillion in assets under management, and it has been exploring renewed strategies and models to dominate the crypto ecosystem. Just like BlackRock, Fidelity has launched a good number of crypto products over the years and as well, partnered with so many other crypto firms.
That big money firms are getting into the crypto bandwagon spells a lot of good omen for how far the industry has come over the past decade. With outfits like Fidelity and BlackRock now leaning to offer services that are predominantly reserved for crypto exchanges, the competition is growing and geared to benefit consumers in the Web3.0 ecosystem much more.
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Source: https://blockchain.news/news/fidelity-launches-a-new-commission-free-crypto-trading-product