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The top financial services provider has launched retail crypto trading accounts for some of its users.
Financial services giant Fidelity may have started rolling out retail crypto trading accounts, according to a recent report by The Block. The rollout looks to be a follow-up to the waiting list that was announced earlier in November. Per the report, the top investment firm sent out emails to some users on Monday, with the content saying “The wait is over”.
Details About The New Crypto Accounts
In the email, Fidelity explains what will be needed of users to fund their new crypto trading account. The investment powerhouse says that potential benefactors of the new accounts must first have a Fidelity brokerage account. It says that is the only way for them to fund their crypto trading accounts.
Furthermore, it also promises zero commission on the trading of Bitcoin (BTC) and Ether (ETH) to users. However, before opening the accounts, users will have to read and accept some disclosures. They are made to understand that crypto trading brings a lot of risks that is not likely to be found when one invests or trades with traditional assets.
In addition, Fidelity also mentioned the volatility that comes with trading digital assets. The assets “can fluctuate quickly, and materially,” it said.
Fidelity Dives Into Crypto Despite Pushback
It would be interesting to note that Fidelity’s decision to embrace crypto may be coming at a cost. Recall that the financial services provider first saw criticisms after it revealed its 401K plans. US senators have asked it to reconsider the decision to allow retirement plan participants to allocate some of their investments to Bitcoin.
Now while that subject may yet be on, the same senators have recently fired at Fidelity once again. Their most recent statement reads:
“Fidelity Investments has opted to expand beyond traditional finance and delve into the highly unstable and increasingly risky digital asset market.”
But, despite the pushbacks, Fidelity looks to be forging ahead with its crypto plans. This is even as crypto adoption continues to grow in the traditional finance sector. And with giants like Fidelity taking such bold steps, their actions are expected to impact the future of Bitcoin and shape its regulation.