Crypto Adoption Boost as Fidelity Opens Waiting List for Retail Crypto Trading

Fidelity Investments is getting ready to launch a cryptocurrency trading platform targeting retail investors. The asset manager has already launched a waiting list for this platform.

Fidelity to support crypto retail trading

Fidelity’s new crypto service, Fidelity Crypto, will be available through the Fidelity Investments app. The service will allow retail crypto investors to manage their cryptocurrency trades and investments through Fidelity Digital Assets.

Fidelity Digital Assets is the existing crypto management platform targeting institutional investors. The platform was launched last month. After the launch, those using Fidelity Crypto will start making trades for as low as $1.

In the initial stages, this platform will only support Bitcoin and Ethereum. However, Fidelity has assured users that support for more cryptocurrencies would come in the future, and the company is currently assessing its expansion plans.

Fidelity is attracting customers to its new service by charging zero commissions on trades conducted on the platform. This will make the platform competitive and operate similarly to other social trading platforms such as Robinhood. While users will not be charged any fee, Fidelity will include a spread of 1% for each transaction.

The company has not announced when this new service will be launched. However, the company has also issued users a warning below this waitlist advising investors that cryptocurrencies are highly volatile and can become illiquid.

Fidelity is eager to position itself in the growing web 3.0 & crypto sector. Over the years, the $9.9 trillion asset manager has announced its interest in crypto, but it has only started aggressively expanding into the space this year.

Earlier this year, Fidelity announced the launch of “Fidelity Stack,” a virtual space within the Decentraland metaverse. The virtual space offers access to games, a virtual dancefloor, and courses on financial literacy.

Push to expand into the crypto sector

The cryptocurrency sector has attracted much interest from traditional financial institutions this year despite prices dropping significantly. The growth of the crypto sector in the United States also comes despite the lack of regulatory clarity as US legislatures call for the relevant regulatory bodies to draft new regulations for the sector.

Besides Fidelity, other asset managers are also swiftly endorsing crypto. One of these asset managers is BlackRock. The company announced a partnership with the Coinbase exchange to extend crypto services.

Mastercard and Visa, some of the largest card payment providers, are also interested in crypto. They have partnered with several; crypto exchanges to offer crypto products and services. Last month, Mastercard launched Crypto Source, a platform allowing banks to start providing crypto services to their customers.

MoneyGram also recently announced that it would allow users based in nearly all US to buy, sell and store cryptocurrencies on the MoneyGram mobile app. Several stores in the US have also started accepting cryptocurrency payments. These initiatives could drive the growth of the US crypto industry.

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