Fidelity, one of the world’s largest financial services organizations, has officially begun opening retail bitcoin (BTC) and ether (ETH) trading accounts. Earlier this month, the company announced its move into the crypto market and launched an early access listing. Users on the list received an email saying “The wait is over,” further detailing the launch of its crypto trading services.
Users will need a Fidelity brokerage account to fund their new crypto account. The platform promises commission-free trading of BTC and ETH, and users can freely trade amounts as low as $1. Users on the waiting list were also asked to read and accept a number of disclosure agreements in the email sent Monday. These agreements included the standard crypto risk statement, which warned users about the volatile risks of the market compared to traditional asset classes.
Fidelity brings a breath of fresh air to the crypto market
Although the crypto market has been hurting from the start of this year due to falling prices, this month in particular has been crippling for the industry. The collapse of the FTX exchange and its affiliates deeply affected market sentiment as billions in user funds were closed or lost. As credibility continues to decline in the industry, Fidelity’s announcement is sure to boost the crypto community’s morale.
The London-based organization is one of the largest financial services providers in the US and Europe. The adoption of crypto is a positive sign for the community as it shows that crypto adoption is still going strong even when the market is in turmoil.
Fidelity has always maintained a pro-crypto stance. The company started mining bitcoins in 2014, and it also launched a spot bitcoin ETF in Canada last December. The company was also the first in the financial services industry to provide bitcoin offerings for its core investment partners — a strategy heavily criticized by US senators.
According to reports, users on the waiting list can already buy crypto with their Fidelity accounts, but crypto transfer (send/receive) services are not yet available.