In the wake of the failure of Silvergate and Signature Bank, Fidelity Digital Assets made its cryptocurrency service available to the general public.
Fidelity Crypto is now available (1) to the general public after the announcement made by Fidelity Digital Assets regarding an early waitlist for cryptocurrency trading in November 2022.
The investment manager discretely opened up access to the new offering, which enables users to trade cryptocurrencies like Bitcoin and Ether.
As stated by the digital assets management organization, Fidelity Crypto has started offering commission-free trading.
The platform currently has millions of users around the world. According to those with knowledge of the situation, the full rollout of the cryptocurrency trading services has been rolling out over the course of the past few weeks.
The previous year, it came to light that Fidelity Digital Assets was going to offer cryptocurrency trading software while simultaneously waiving any commission fees that may have been associated with the service.
The retail investment app was developed with the intention of giving customers access to comprehensive market data. New and experienced traders alike will benefit from having access to knowledge that will help them navigate the highly volatile cryptocurrency industry.
Fidelity Digital Assets Stealthily Launches Its First Public Offering of Cryptocurrency
The company stated that new and existing customers would be able to use the commission-free service once Fidelity Crypto is made available to the general public.
Those using the platform for the first time must sign up for an account with Fidelity Brokerage.
It is important to note that Fidelity Crypto for digital assets is not currently available in any state.
While there is no commission charged for trading assaults, the corporation will charge a spread of little more than one percent. Bitcoin and Ethereum are the only supported cryptocurrencies at this time.
Although two of the cryptocurrency industry’s most important banking partners, Silvergate and Signature Bank, went bankrupt, Fidelity Digital Assets began offering its cryptocurrency services to the general public. When the banks continued to suffer high percentage losses in their shares, the traders started to experience fear.
Around this period, many cryptocurrency companies began to transfer their capital to asset managers such as Fidelity.
According to various reports, a significant number of cryptocurrency firms reached out to Fidelity Investing in an effort to locate new banking partners.
A major leader in the cryptocurrency business disclosed that in the span of around three days, he had directed approximately 25 companies to Fidelity. He stated that:
Although Fidelity is not a typical bank, it is, without a doubt, a more secure financial institution than tier-two and beyond institutions.
Tey El-Rjula, also the co-founder and CEO of FLUUS, claims that the collapse of these banks will affect the cryptocurrency business.
On the other hand, he feels that the impact will be just temporary and will not have a significant effect. According to him, the cryptocurrency business is “extremely resilient” and is able to adjust to the presence of novel conditions.
El-Rjula continued his remarks by stating that a large number of financial institutions have begun working on new solutions to offer the cryptocurrency business. He referred to the emergence of decentralized exchanges and peer-to-peer platforms in the industry as a natural progression.
He says, “these platforms allow users to exchange crypto straight with each other rather than through a centralized intermediary like a bank.” Cryptocurrency is a sort of digital currency that can be bought and sold online.