Fidelity Investments may offer Bitcoin trading services to its more than 30 million retail clients.
According to statements by Mike Novogratz, CEO of Galaxy Digital, during a conference held on September 12 in New York, asset management firm Fidelity Investments could be developing crypto services focused on its retail customers.
“A bird told me that Fidelity is going to steer its retail clients into crypto very soon,” Novogratz said. “I hope that bird is right. So we continue this institutional march and that gives crypto its space.”
Such a product would offer its More than 34 million retail customers direct access to crypto, promoting mass adoption.
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Although the company has not confirmed Novogratz's statements, other information, published by The Wall Street Journal, also points out that the firm could be “weighing a plan” to allow retail investors to trade Bitcoin on its brokerage platform.
Michaël van de Poppe, CEO of Eight Global, also shared last week information about Fidelity's intention to launch a Bitcoin trading service for retail customers in November.
Fidelity has addressed the rumors and, although there has been no official confirmation on the creation of this Bitcoin trading service, they have stated the following:
“While we have nothing new to announce, expanding our offerings to enable broader access to digital assets remains an area of focus.”
On the other hand, it would not be strange for Fidelity Investments to implement this type of service for its retail clients, as it already offers a Bitcoin trading service for institutional clients and hedge funds since 2018 and a Bitcoin ETF in the Canadian market.
In April, the firm also began allowing holders of its retirement savings accounts, 401(k), to Invest directly in BitcoinHowever, this product was met with strong opposition from several US senators, including Elizabeth Warren, who went so far as to describe the launch as “immensely worrying”.
In addition, the firm has been involved in the crypto world since 2015, when it began its Bitcoin mining operations.
Since then, Fidelity Investments has been an active investor and strong supporter of the crypto and blockchain industry, driven by a growing customer demand to access cryptocurrency investment opportunities.
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