Financial services giant Fidelity says it’s ready to roll out commission-free Bitcoin (BTC) and Ethereum (ETH) trading for US retail investors.
According to a new company update, Fidelity is preparing to launch Fidelity Crypto, which would add commission-free access to crypto assets for US retail investors in its trading app.
“Fidelity Crypto is [an] opportunity to buy and sell Bitcoin and Ethereum in the Fidelity Investments App with custodial and trading services of digital assets provided by Fidelity Digital Assets.
When we launch, [investors will] be able to trade crypto with as little as $1 while also having an integrated view of both your traditional and crypto investments.”
Fidelity says that instead of charging traders broker fees, they’ll utilize a 1% spread, or the difference between an execution price and the price at which the firm fills the order, adding it to every order.
“Fidelity Crypto trades are commission free. A spread of 1% will be factored into every trade execution price.”
The $4.5 trillion asset manager also says that while only the top two crypto assets by market cap will be available on its service, they eventually plan on adding other virtual currencies to the roster.
“At launch, Bitcoin and Ethereum will be the only cryptocurrencies offered because, as of today, they are the top cryptocurrencies by market cap. That means they hold the highest total value among all circulating cryptocurrencies. Additional cryptocurrencies are being evaluated to expand trading opportunities over time.”
Last month, Fidelity announced that it would be adding about 100 new members to its crypto workforce, bringing its total number of employees in the division to 500.
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