Source: blockchain.news
Fidelity Investments, one of the world’s largest asset management firms, has launched a cryptocurrency trading service, giving its clients the ability to adopt Bitcoin (BTC) and Ethereum (ETH) directly.
As reported by CNBC, the new service is called Fidelity Crypto and will be powered by Fidelity Digital Assets, a more developed offshoot that the company launched to handle its investments in the nascent crypto ecosystem.
Embracing Bitcoin and Ethereal through Fidelity has been made relatively hassle free as no commission is charged. While most institutional investment firms generally require only their wealthiest clients to invest in crypto, Fidelity has set a threshold of a minimum of $1 in order to maintain the account.
The company said it will adopt the Robinhood and Binance.US revenue generation model and add a 1% spread on each trade execution price.
“Where our clients invest is more important than ever,” Fidelity said in a statement shared with CNBC. “A significant portion of Fidelity customers are already interested and own cryptocurrencies. We provide them with tools to support their choice, so they can benefit from Fidelity’s education, research and technology.”
Fidelity has over $9.9 trillion in assets under management and has been exploring revamped strategies and models to dominate the crypto ecosystem. Like black rockFidelity has released a good number of crypto products over the years and partnered with many other crypto companies as well.
That big money firms are jumping on the cryptocurrency bandwagon bodes well for how far the industry has come in the past decade. With outfits like Fidelity and BlackRock now leaning toward offering services that are predominantly reserved for cryptocurrency exchanges, competition is growing and geared to benefit consumers much more in the Web3.0 ecosystem.
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