ecently, Fidelity Digital Assets made Fidelity Crypto accessible to a wider audience without any public announcement. The platform now allows millions of users to trade bitcoin and ether without any commission fees. Earlier, the app was only available to waitlisted users who were given access gradually.
The service is now open to both new and existing customers. However, new users must create a Fidelity Brokerage account while setting up their Fidelity Crypto account. It's important to note that the service may not be available in all states.
Currently, users can trade bitcoin and ether on the platform without any commission charges, and Fidelity will only charge a spread of up to 1%. However, withdrawals are still not enabled on the platform. Fidelity has been quicker than its peers in the U.S. to offer cryptocurrency trading to its retail customers, with the full launch occurring in recent weeks, as per sources familiar with the situation. Fidelity has a total of 37.1 million retail accounts.
The launch of Fidelity Crypto occurred during a time of intensified regulatory scrutiny in the U.S. regarding cryptocurrencies, as well as the downfall of two of crypto's significant banking partners, namely Silvergate and Signature Bank. At the end of 2022, the investment manager filed three trademark applications in the U.S., which encompassed offering services in the metaverse and other virtual environments.