Home CryptocurrencyAltcoin Fidelity will soon ‘move’ retail customers into cryptocurrencies, says Galaxy CEO

Fidelity will soon ‘move’ retail customers into cryptocurrencies, says Galaxy CEO

by SuperiorInvest

Fidelity Investments, a $4.2 trillion asset manager, is reportedly working to offer bitcoin trading services to its 34.4 million retail investors, according to Galaxy Digital CEO Mike Novogratz and people familiar with the matter.

While Fidelity has not officially confirmed plans to incorporate cryptocurrencies into its retail platform, Novogratz told a conference audience in New York on September 12 that the move could be just around the corner:

“The bird told me that Fidelity, the little bird in my ear, will soon be moving its retail customers into crypto.

“I hope the bird is right. So we are still in this institutional march and that gives crypto the right,” he added.

Novogratz isn’t the only person who has signaled a potential move away from Fidelity. The Wall Street Journal (WSJ) noted on September 12 that Fidelity is currently “dear plan” that will allow individual investors to trade bitcoins on its brokerage platform.

There was a similar note shared from Eight Global founder and CEO Michaël van de Poppe last week, indicating that the platform will launch bitcoin trading for retail customers in November.

Fidelity addressed the rumors in a September 12 statement, noting:

“While we don’t have anything new to announce, the focus remains on expanding our offerings to enable broader access to digital assets.”

Fidelity Investment has been an active investor and playmaker in the crypto space, fueled by growing client demand for access to cryptocurrency investment opportunities.

Fidelity started mining bitcoins in 2015 and in 2018 began trading bitcoins for hedge funds and institutional investors.

In April, Fidelity also began allowing it 401(k) Retirement Savings Account Holders Can Invest Directly in Bitcoin (BTC)although it was later met with opposition from three US senators including Senator Elizabeth Warren, who launched The Bitcoin product is “extremely disturbing.”

Related: Senator Warren Asks Fidelity to Address Risks of Allowing Bitcoin for 401(k)s

Fidelity is a multinational financial corporation that provides brokerage services, mutual fund management, investment advisory and retirement services, and is the fourth largest asset management company in the world, according to ADV’s rating.

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