Fidelity Investments is one of the world’s largest asset managers, with over $2 trillion in assets under management.Image Credit: Google
The firm has announced that it will allow retail investors to trade bitcoin on its platform.Image Credit: Google
This is a major step forward for the cryptocurrency, as it adds legitimacy and mainstream appeal.Image Credit: Google
Bitcoin has been struggling to find its footing this year, with prices falling sharply from their highs in December.Image Credit: Google
Fidelity has been working on its bitcoin trading platform for several months, and it is now live for select clients.Image Credit: Google
The firm plans to roll out the service to all retail investors in the coming weeks.Image Credit: Google
Bitcoin’s price reacted positively to the news, rising 5% on the news.Image Credit: Google
This is a major endorsement for bitcoin, and it could help to drive further adoption of the cryptocurrency.Image Credit: Google
However, it remains to be seen how successful Fidelity’s platform will be, as other firms have had mixed results with their own bitcoin trading services.
Investors will need to create a separate account with Fidelity in order to trade bitcoin. The firm will charge a 1% transaction fee on all trades.