Fidelity Investments has quietly launched its crypto trading offering to the public, according to early reports from The Block. Previously only accessible through a waitlist, the move marks a significant push into the world of Web3 and crypto by the financial service provider, which manages nearly $10 trillion USD in assets under administration. Despite not having shared the public launch of its crypto offering on any of its social channels, Hypemoon has confirmed that accounts are now available to be opened on the Fidelity website.
Finally got around to opening up a Fidelity Crypto account
Bought some eth pic.twitter.com/3Ryvg8GOso
— Frank Chaparro (@fintechfrank) March 15, 2023
Fidelity’s under-the-radar approach may be due to turbulence in the Traditional Finance (TradFi) sector, with the bank run on SVB and the failures of crypto-friendly banks Silvergate and Signature. However, a recent Bloomberg article suggests this has played in Fidelity’s favor, with a range of prospective clients reaching out for help. One crypto executive stated that Fidelity is “certainly safer than the tier-two-and-beyond banks,” and has already referred nearly 25 crypto-focused companies to the wealth manager in just a few days.
Fidelity’s interest in crypto and Web3 is apparent in its filing of patents for NFT and Metaverse use cases in December 2022. These patents cover areas such as marketplaces, Metaverse investment services, virtual real estate investing, and crypto trading — the last of which is now live. With the launch of its commission-free crypto trading offering, millions of interested users in eligible U.S. states can now buy, sell, and trade Bitcoin and Ether.
Fidelity’s offering puts the wealth manager, which has over 37 million retail accounts, ahead of the competition, with most other TradFi entities still not offering direct exposure to crypto for clients. In addition to investment opportunities, the publicly available crypto app from Fidelity also offers educational material and a 24/7 virtual assistant.