Fidelity Investments is currently mulling plans to launch a retail crypto service that will cater to its user’s trading needs. According to statistics, the firm has over 34 million users onboarded and carrying out different services across its platform. This news was relayed by Galaxy Digital boss Mike Novogratz and some other parties with inside information as to the said matter. Although there has not been any official confirmation, there could be moved to make one in the coming months.
Different sources have hinted at the move
Mike Novogratz was at an event yesterday, telling the audience that the company might just be looking up plans to float the services. In his words, Novogratz mentioned that a bird in his ear gave him the prized information. Asides from the information from the Galaxy Digital CEO, there have also been other sources that have confirmed the speculation.
For instance, WallStreetJournal believes that Fidelity is currently looking into ways to enable traders on its platform to trade Bitcoin. Similarly, Eight Global CEO Michaël Van de Poppe also confirmed that the move could materialize by the end of the year. However, Fidelity’s statement noted that although there are no official plans in place yet, the company would love to provide its users with retail services.
Fidelity has been active in the crypto scene
Fidelity has been active in the crypto industry over the last few years. One of the primary reasons for this is the user base clamoring for crypto-related products on the platform. Others have also drummed support for crypto investments, which looks like the company has been penning down for a while. Fidelity made its foray into Bitcoin in 2015 as a miner before floating its Bitcoin trading services to big game players in the crypto market.
Some months ago, the platform announced that users can now invest their retirement savings into Bitcoin. Although due to some disturbing reactions, the product had to be removed. Fidelity has been a big game player in the investment sector of the United States of America over the last few years. The company provides essential services such as brokerage, funds management, retirement savings, and many others. The platform is also one of the few companies ranking in the top 5 largest companies according to ratings carried out by ADV.