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Financial Giant Fidelity Considering Enabling Crypto Transfers

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Thu, 16/03/2023 - 17:59
Financial Giant Fidelity Considering Enabling Crypto Transfers
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Financial behemoth Fidelity Investments has hinted that it may enable cryptocurrency transfers in the future.

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In a response to a tweet from user @MiningHope, the Boston-based titan stated that in its current version of Fidelity Crypto, users will not be able to send or receive cryptocurrency. With that being said, the company is exploring this possibility.

The move to enable crypto transfers would be significant since it would allow Fidelity's customers to fully control their digital assets without the need for intermediaries.

Earlier this week, Fidelity Crypto launched quietly launched crypto trading, allowing 37 million retail users to trade Bitcoin and Ethereum without fees on the platform, although the service is not yet available in all states and withdrawals are not enabled.

As reported by U.Today, the Boston-based financial services giant announced a commission-free cryptocurrency trading service called Fidelity Crypto last November.

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This move puts Fidelity in direct competition with companies such as Robinhood, Coinbase, and Binance.

It became one of the first major US firms to offer digital asset trading to retail customers. This comes after Fidelity's introduction of Bitcoin as an investment option for its 401(k) plans.

Despite Bitcoin's underperformance in 2022, Fidelity's survey found that institutional interest in crypto remains strong, with 74% of institutions expressing a desire to have exposure to cryptocurrencies in the future.

Galaxy Digital CEO Mike Novogratz has called Fidelity allowing its retail customers to buy Bitcoin the "most bullish thing" that could happen to the cryptocurrency.

Fidelity previously launched an Ethereum Index Fund for accredited investors and a service that allows 401(k) investors access to Bitcoin.

Fidelity's interest in the emerging sectors of Web3 seems to be growing stronger. In December, the company filed trademark applications for a range of innovative services, including non-fungible tokens (NFTs).

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