Fidelity Opens Waitlist For Crypto Trading App
Boston-based asset manager Fidelity is releasing a Bitcoin and Ethereum trading app for retail customers. The platform currently under development has released an early-access waitlist.
Fidelity, one of world’s largest asset management firms, has announced an early-access waitlist for its upcoming cryptocurrency trading platform that will allow retail investors to trade digital assets like Bitcoin (BTC) and Ethereum (ETH). In September, the company’s crypto asset wing – Fidelity Digital Assets – revealed that it is working with investment giants BlackRock, Citadel and Charles Schwab to launch the ‘EDX Markets’ crypto exchange.
Fidelity claims its crypto trading platform will allow customers to trade cryptocurrencies for as little as $1, putting it in direct competition with established market players like Coinbase and Binance. The exchange will charge zero-fee for trades at launch, but later add a 1% fee to every trade execution price. ‘Fidelity Crypto’ will provide investors with market information and a “unique learning experience” to help them “make sense of the world of crypto”.
The investment giant with over $9.9 trillion worth of assets under management has been making strong moves in the crypto sector this year. In April, the asset manager listed crypto and metaverse exchange-traded funds (ETF) on the Nasdaq stock exchange. Last month Fidelity launched a $5 million Ethereum index fund for institutional clients. The asset manager also plans to launch a 401(k) product that will allow workers to save 20% of their retirement funds in Bitcoin.
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