Fidelity Investments plans to offer Bitcoin trading to its 34.4 million brokerage customers. According to a Wall Street Journal article, Fidelity is set to expand its crypto offerings after being one of the first mainstream financial companies to truly support digital currency and blockchain technology.
Fidelity, which manages around $4 trillion in assets, has had a bitcoin trading business for hedge funds and other institutional investors since 2018 and has been mining bitcoin since 2015.
A priority sector for Fidelity
Earlier this year, Fidelity allowed corporate clients to add Bitcoin to their 401(k) retirement plans. Some retail customer accounts have a direct link to Coinbase and Fidelity has also opened a crypto fund for wealthy clients.
During a speech at the SALT conference earlier this week, the CEO of Galaxy Holdings Mike Novogratz said, “A little bird whispered in my ear that Fidelity could switch its retail customers to crypto pretty quickly.
“I hope that bird is right. And so, we are seeing the beginnings of this institutional march.”
Fidelity rivals have used access to digital assets and crypto as a key selling point for new and young investors. The company has yet to share details with customers, but in a statement to The Block on the matter, hinted the decision was made.
“While we have nothing new to announce, expanding our offerings to enable broader access to digital assets remains a priority,” it read.
Fidelity under federal supervision?
However, while the news is welcomed in the crypto space, it might not be at the federal level in the United States.
the US Department of Labor previously said he had “serious concerns” about Fidelity’s decision to invest in bitcoin for the 401(k), while a handful of US senators also expressed concerns.
“Investing in cryptocurrencies is a risky and speculative gamble, and we are concerned that Fidelity is taking those risks with the retirement savings of millions of Americans,” the Democratic senators wrote. Elizabeth Warren (Massachusetts) and Tina Smith (Minnesota) in a letter to the CEO of Fidelity, Abigail Johnson.
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