Fidelity Investments will launch Bitcoin trading for retail customers via its brokerage platform. The Wall Street Journal reported this on Monday.Iting people who have familiar sources
The Boston-based investment management firm has more than 34.4 millions individual brokerage clients using its brokerage platform. The firm is looking into allowing retail clients to trade Bitcoin through its brokerage platform because of this large customer base.
Mike Novogratz from Galaxy Crypto Investments, CEO, stated that he had heard Fidelity is moving to offer cryptocurrency retail customers in a panel discussion held at the SALT New York conference.
“A bird told me, a little birds in my ear,” Novogratz said. It was a bird that Fidelity would soon shift its retail customers to crypto. Novogratz expressed his hope that Novogratz was right.
Fidelity answered a request for comment and said: “While there is nothing new to announce at the moment, we are still focusing on expanding our offerings to provide wider access to digital assets.”
The trillion-dollar asset manager opened its Bitcoin-trading service for institutional investors and hedge fund managers in 2019. One year later, the firm launched their Bitcoin-trading service for institutional investors and hedge funds.
Crypto Investing
Fidelity Investments was the first to allow investors to add Bitcoin into their retirement accounts in April.
Fidelity’s decision to let its clients incorporate Bitcoin into their retirement accounts was a landmark first for major retirement plan providers. Fidelity Investments is the country’s largest 401(k) provider.
The crypto winter hit in May. In less than a month, losses in the industry totaled nearly $1 trillion. Fidelity Digital Asset Services a subsidiary Fidelity Investments announced plans to increase its headcount in hopes that institutional investors would continue to invest in crypto.
Fidelity’s digital assets arm intended to hire 110 tech workers and 100 customer service employees as it believed institutional crypto trading demand would increase.
Fidelity maintained that falling crypto prices didn’t affect its financial health, but the flow of customers did slow down. Fidelity maintained its commitment in investing in crypto trading technology.
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