Fidelity set to launch dedicated Bitcoin and Crypto platform

The securities firm has opened the early access list for interested parties.

Fidelity Investments, a leading US-based investment firm, is set to launch Fidelity Crypto, a dedicated cryptocurrency investment platform. This new offering will be led by Fidelity Digital Assets, the firm’s specialist digital asset management arm.

Peter Brandt, a veteran analyst, drew attention to this development today, emphasizing its importance in promoting the mainstream adoption of cryptocurrencies.

Mass adoption is moved to another level $BTC pic.twitter.com/L5vVVSmXqp

— Peter Brandt (@PeterLBrandt) 1 March 2023

Brandt shared a snapshot that included information from Fidelity indicating that the investment firm has plans to launch the platform soon. In addition, Fidelity introduced Crypto Decode, an initiative to simplify the concept of cryptocurrencies for those unfamiliar with it.

Furthermore, the investment firm emphasized the recent increase in crypto adoption, highlighting the growing attention and involvement of various entities, including federal authorities. The United States, for example, has been actively exploring the possibility of introducing a central bank digital currency (CBDC).

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Fidelity has outlined that the main goal of the Fidelity Crypto platform is to give investors exposure to cryptocurrencies, allowing them to invest in their preferred digital assets for as little as $1. The platform will be integrated into the Fidelity mobile app and will initially only support Bitcoin (BTC) and Ethereum (ETH) at launch.

Also, in its initial phase, the crypto platform will only be available to US citizens residing in 36 states in the country, including New York, Alabama and Washington. Fidelity has already created an early access list for those interested, which will provide updates and educational content. At launch, the platform will be exclusively available on mobile devices.

Fidelity’s Crypto Push

Fidelity has established a reputation as one of the most crypto-friendly institutions based in the US, and has consistently made notable moves to penetrate the crypto space. The company acquired an operating license from the Canadian authorities two years back to launch a crypto-focused custody service in the country.

Fidelity offers commission-free trading services for its clients, but these offers are limited to Bitcoin and Ethereum only. Last November, the company implied on expanding its crypto offering to accommodate other assets such as Shiba Inu (SHIB).

In addition, in April 2022, Fidelity revealed that its 401(k) offering would begin supporting Bitcoin, allowing its customers to invest their pensions in the asset.

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