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Fidelity provides Bitcoin trading to its 34 million retail investors

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Fidelity Investments is planning to offer Bitcoin transactions to its 34.4 million retail clients. According to a Wall Street Journal report, Fidelity, as one of the first companies active in the field of finance to support blockchain technology and cryptocurrencies, may be looking to expand cryptocurrency products in its brokerage.

According to Mihan Blockchain and quoted by Cryptonews, Fidelity, which has almost 4 trillion dollars of assets under its management, has provided bitcoin transactions to hedge funds and institutional investors since 2018, and has been mining bitcoin since 2015. .

Expansion of Fidelity’s operations in the field of cryptocurrencies

Earlier this year, Fidelity started allowing its corporate customers to add Bitcoin to their retirement plans and connected retail customers’ accounts to Coinbase. Fidelity also provided a crypto fund for its larger customers.

Mike Nogratz, CEO Galaxy Holdings Earlier this week he said:

News and rumors indicate that Fidelity will soon introduce its retail customers to the crypto arena.

Fidelity’s competitors have used access to cryptocurrencies and the crypto arena as an important selling point to new and younger investors. Fidelity has not yet shared its plans with clients, but said in a statement:

Although we do not have a new product to introduce, expanding our products to allow access to cryptocurrencies is still one of our areas of operation.

Is Fidelity Federally Sponsored?

Despite the news that Fidelity’s entry into the crypto arena has been welcomed, it seems that this welcome has not taken place at the federal level.

The US Department of Labor had previously said that it has important concerns about Fidelity’s decision to invest its pension fund in Bitcoin, and several senators have also expressed their concerns about this plan.

Senator Elizabeth Warren and Senator Tina Smith wrote in a letter addressed to Abigail Johnson:

Investing in cryptocurrencies is a risky and hoarding gamble, and we are concerned that Fidelity is passing that risk onto American citizens’ retirement savings.

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