Fidelity Investments, a major player in the financial world, has suggested that it may enable cryptocurrency transfers in the future.
In a response to a tweet from user @MiningHope, Fidelity stated that its current version of Fidelity Crypto does not support sending or receiving cryptocurrency, but the company is exploring this possibility. Allowing crypto transfers would be a significant move as it would give Fidelity’s customers greater control over their digital assets without requiring intermediaries.
Earlier this week, Fidelity Crypto quietly launched a commission-free trading service for Bitcoin and Ethereum, allowing its 37 million retail users to trade these cryptocurrencies without fees. However, the service is not yet available in all states, and withdrawals are not currently enabled. With this move, Fidelity joins the likes of Robinhood, Coinbase, and Binance in offering digital asset trading to retail customers.
Fidelity has been actively pursuing opportunities in the cryptocurrency market. In November, it announced the launch of Fidelity Crypto, its commission-free cryptocurrency trading service. This move made Fidelity one of the first major US firms to offer digital asset trading to retail customers. Fidelity also introduced Bitcoin as an investment option for its 401(k) plans.
Despite Bitcoin’s underperformance in 2022, Fidelity’s survey found that institutional interest in cryptocurrencies remains strong, with 74% of institutions expressing a desire to have exposure to cryptocurrencies in the future. The CEO of Galaxy Digital, Mike Novogratz, has praised Fidelity’s decision to allow its retail customers to buy Bitcoin, calling it the “most bullish thing” that could happen to the cryptocurrency.
Fidelity has also been exploring emerging sectors of Web3, such as non-fungible tokens (NFTs). In December, the company filed trademark applications for a range of innovative services related to NFTs. With its growing interest in the cryptocurrency market and Web3, Fidelity is positioning itself as a major player in the future of finance.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
