By Larry Wright
Fidelity has finally launched its crypto branch that intends to offer commission-free cryptocurrency trading services for its users. This wing is operating under the supervision of Fidelity Digital Assets.
The platform has already gathered attention from a flock of retail investors who have signed up for a waitlist in advance. This platform is a commission-free trading model, much like Robinhood.
The users on this platform were only able to join with a waitlist. However, now they have managed to sign up using their emails. It means that both existing and new consumers can now join the platform.
The service, however, requires the users to create a Fidelity Brokerage account first before the sign-up process. For the time being, this service is only open for a limited amount of US states and plans to expand in the future.
Fidelity is Offering only Bitcoin and Ethereum for Trading
At present, traders on Fidelity crypto can access two cryptocurrencies, namely Bitcoin and Ethereum. The trading service is free, and at the same time, it will charge only a 1% spread. No users can make withdrawals from their accounts for the time being. Even though the project has just started, there are around 37.1 million users on the network in the form of active retail accounts.
Most of these accounts are based in the USA. These consumers can trade cryptocurrencies with others in a P2P manner. The complete debut of this platform is going to take place during the last few weeks.
Sources that are associated with the project have anonymously revealed this information to various media outlets. This service has arrived during a time when the regulatory environment regarding cryptocurrency markets in the USA is not very conducive.
There are many ways that the Fidelity crypto project can move. At one end, US regulators seem to be on the tail of cryptocurrency projects. Even centralized exchanges such as Kraken and Coinbase are facing the heat from US regulators.
On the other hand, there is no warranty about the implementation of the next interest hikes and the CPI reading. Meanwhile, the government bailout has slowed down the heat on the cryptocurrency market.
It means that the investors selling Bitcoin for a better price than in the last few weeks are going to enjoy some degree of relief. However, it is not certain which way the cryptocurrency market will move.
Some experts believe that crypto can dive once again before the next bullish leap. On the other hand, many market analysts claim that Bitcoin is already on the way to the next ATH evaluation.