The Block stated that Fidelity Investments has formally opened retail cryptocurrency trading accounts after a waiting list announcement earlier in the month. The Fidelity development might be encouraging given the high volatility that followed FTX’s demise.
The first line of an email issued to users today said, “The wait is over. The notification further stated that in order to open a new Fidelity cryptocurrency account, a Fidelity brokerage account would be required.
Official Fidelity in Crypto
After announcing a waiting list, it had taken a while before Fidelity finally opened its retail cryptocurrency trading accounts. Customers of the investing company can now trade digital assets.
According to The Block, the recently unveiled cryptocurrency retail accounts “promises commission-free trading of bitcoin and ether.” The investing company is also managing cryptocurrency trading with a variety of disclosures.
The cryptocurrency market has been inundated with controversy and scandal over the last week; a reason for one poignant risk statement for new users:
“Investing in, buying, and selling digital assets present a variety of risks that are not presented by investing in, buying, and selling products in other, more traditional asset classes.”
The disclosures also noted that “digital assets can fluctuate quickly, and materially.” Moreover, these warnings and risk statements are likely connected with the increased volatility the market has seen in recent weeks.
Since FTX’s dramatic crash, the cryptocurrency market has had a difficult time gaining stability. But unlike most traditional financial firms, Fidelity has embraced the purchase and exchange of digital assets more quickly. This is a solid step forward despite the market’s condition and opposition to new regulations in the wake of developments.