• Fidelity Investments has increased its range of crypto products over the past year, including the launch of a program to enable the use of Bitcoin in 401(k) plans.
• They also added Ethereum trading and real-time settlement to their platform for institutional clients, and planned to have 500 employees working in its Digital Assets division by the end of March 2023.
• Customers can trade Bitcoin and Ether commission-free, starting „with as little as $1,“ after signing up for the company’s wait list.
Fidelity Investments is looking to the future of cryptocurrency, with an increased range of products and services to support the asset class. Over the past year, they have launched a program to enable the use of Bitcoin in 401(k) plans that it manages, as well as adding Ethereum trading and real-time settlement to their platform for institutional clients. Fidelity has also planned to have 500 employees working in its Digital Assets division by the end of March 2023.
The company is also making its cryptocurrency services available to the public, with customers able to trade Bitcoin and Ether commission-free, starting „with as little as $1,“ after signing up for the company’s wait list. Fidelity’s timing is less than ideal, however, as the cryptocurrency asset class has suffered immense losses of over $2 trillion in market value and numerous businesses have filed for bankruptcy. The FTX scandal also broke over the summer, showing the potential for fraud and mismanagement in the space, although Fidelity is banking on the future of the asset class nonetheless.
Fidelity is also hoping to bring bitcoin to its 40 million individual investors, and has taken steps to make this possible. The team-building efforts of the company’s Digital Assets division are likely to be a key part of this, and is likely to be a major focus for the company in the coming year.
Overall, Fidelity is showing a commitment to being at the forefront of the future of cryptocurrency, despite the challenges it presents. With the company’s range of products and services, they are hoping to make the asset class more accessible and secure, while at the same time making it available to their 40 million individual investors. As the cryptocurrency market continues to evolve and mature, Fidelity is sure to have an important role to play.