Fidelity Continues Bitcoin Push With Potential Brokerage
Fidelity Continues Bitcoin Push With Potential Brokerage: According to sources with knowledge of the situation, the Wall Street Journal stated that Fidelity Investments might permit regular clients to trade bitcoin.
The Fidelity Continues Bitcoin Push With Potential Brokerage and Trading Platform Plans
- Rendering to a story in The Wall Street Journal, Fidelity Investments is thinking about enabling private investors to trade bitcoin on its brokerage platform.
- According to the journal, which relied on sources close to the situation, Fidelity hadn’t yet informed clients but was trying to add the investment option to more than 34.3 million brokerage accounts.
- Mike Novogratz, the CEO of Galaxy Digital and one of Fidelity’s first cryptocurrency clients, has also discussed Fidelity’s strategy for introducing cryptocurrency to retail customers. Speaking at the SALT conference, Novogratz said.
- Bitcoin is currently permitted in Fidelity’s 401k retirement funds. Both the government and people in the industry paid attention to this. Given that they think cryptocurrency is a dangerous asset class that could affect savings, lawmakers are worried.
Fidelity, a long-time proponent of bitcoin
- The corporation has owned 7.4% of the bitcoin mining firm Marathon across four index-based funds and has been mining bitcoin since 2015. Fidelity has long been a proponent of the digital currency. The business has generated a respectable amount of revenue from its mining operations.
- The majority of the attention in recent months has been focused on its bitcoin 401k accounts. Bitcoin IRA and ForUsAll are two more fintech businesses that have jumped on the 401k bandwagon by providing or developing related investment choices.
- A Metaverse ETF is also being adding by Fidelity to its lineup of products. Investors interested in web3 may find the Fidelity Metaverse ETF to be attractive as it offers investing in the rapidly expanding sector.
Novogratz also hints at retail investor expansion
- The news from Novogratz on Fidelity’s retail venture is encouraging. Another indication that individual investors might not be far off is that the company’s CEO, Abigail Johnson. Stated that the long-term objective is to increase access.
- Citadel Securities and Virtu Financial were reportedly constructing a cryptocurrency trading platform alongside Fidelity and Charles Schwab. According to previous reports. In any event, it appears that the cryptocurrency business will last to grow in the coming years.
Also Read: Advice For Success in The Crypto Industry