Fidelity, which has 37.1 million retail accounts, moved earlier than most of its U.S. peers in offering cryptocurrencies to retail investors, but the service is U.S.-only and not available in all states.

According to C3 news on March 16, Fidelity Investments, the world’s fourth largest mutual fund company, has officially opened cryptocurrency trading exposure to retail investors. Investors can purchase Bitcoin and Ethereum directly in its stock trading client. A cryptocurrency.

According to The Block, Fidelity Digital Assets, a subsidiary of Fidelity Investments, did not officially announce the news, but quietly opened access to Fidelity Crypto to the public. Citing people familiar with the matter, The Block revealed that the entrance was officially opened in the past few weeks. According to the official website, the threshold for investors to purchase cryptocurrencies is as low as $1.

It is reported that Fidelity Digital Assets’ cryptocurrency retail products were previously only available to some users through a waitlist, but are now accessible to all waitlist users. Fidelity says Bitcoin and Ethereum trading on the app is commission-free, and Fidelity Digital Assets will charge spreads of no more than 1%.

Fidelity, which has 37.1 million retail accounts, moved earlier than most of its U.S. peers in offering cryptocurrencies to retail investors, but the service is U.S.-only and not available in all states. Fidelity Investments stated on its official website that cryptocurrencies are highly volatile and may become illiquid at any time, making them suitable for investors with high risk tolerance.

As an internationally renowned financial institution, Fidelity is constantly making moves in the field of cryptocurrency. As early as October 2022, Fidelity Digital Assets officially provided institutional customers with Ethereum purchase, sale and transfer services. Earlier, Fidelity Digital Assets could provide Bitcoin trading services to institutional clients.

According to the official website of Fidelity Investments, Fidelity Digital Assets is a new business unit established by Fidelity Investments specifically for the field of digital assets. Fidelity Investments began researching Bitcoin and blockchain technology in 2014, creating Fidelity Digital Assets, a dedicated business for this innovative asset class. The company launched Bitcoin trading and custody products in 2018 and received a trust charter from New York’s financial services regulator in 2019.

Fidelity Investments also disclosed last year that it had launched a new Ethereum Index Fund in a filing with the U.S. Securities and Exchange Commission (SEC) on September 26, 2022. The firm also launched two new exchange-traded funds (ETFs) this year, giving clients exposure to companies in the cryptocurrency and Metaverse space. It has also submitted an application to the U.S. Securities and Exchange Commission to launch a Bitcoin ETF, which, if approved, would give U.S. stock customers direct exposure to crypto assets.

Also in September last year, Fidelity Digital Assets also jointly launched a digital asset exchange called EDX Markets with Charles Schwab and Castle Securities to provide cryptocurrency trading for U.S. retail and institutional investors.

The cryptocurrency market has remained sluggish in 2022. The FTX thunderstorm at the end of the year also caused US regulators to deepen their doubts about cryptocurrency, and many traditional financial institutions have reduced their interest in cryptocurrency.

C3 Tip: The views, thoughts and opinions expressed here are solely those of the author. This article does not contain investment opinions or recommendations. Every investment and transaction involves risk.