Investment giant Fidelity today announced an early-access waitlist for its new crypto product Fidelity Crypto—which will let retail investors trade Bitcoin and Ethereum from their phones without paying commission fees.
The Boston-based firm, which last month launched an Ethereum trading service for institutions, said retail investors would soon be able to “trade crypto with as little as $1 while also having an integrated view of both your traditional and crypto investments.” The move now places the company in direct competition with established players in the U.S. crypto market like Coinbase and Robinhood.
Fidelity added that a spread of 1% would be added to every trade execution price—but it may initially decide not to charge this fee, which could help it attract customers and market share in an already crowded field.
— Fidelity Investments (@Fidelity) November 3, 2022
The app will also give its users market information. “To help you make sense of the world of crypto, the Fidelity Investments App will have a unique learning experience,” the announcement said. “Easily access a growing library of on-demand education and market insights.”
News first broke of a crypto app for retail investors back in September after Galaxy Digital CEO Mike Novogratz said he had heard rumors of the firm’s plans.
Fidelity is one of the world’s largest asset managers, and currently has over $9.9 trillion under its administration, according to its website.
It has been interested in crypto for years but this year has really made a big push into the space.
In September, Fidelity Digital Assets, the firm’s digital asset arm, announced a “first-of-its-kind exchange” giving investors “safer, faster and more efficient cryptocurrency trading” along with other big players—including Charles Schwab.
This year Fidelity also started offering exchange-traded funds that track the crypto industry and the metaverse. These products do not give investors direct exposure to cryptocurrencies like Bitcoin.
In April, Fidelity announced plans to launch a 401(k) product to allow workers to save 20% of retirement funds in Bitcoin, which has proven to be controversial among some Democratic lawmakers in Congress.