Investment Giant Fidelity Could Permit Bitcoin Transactions On Its Platform
The Wall Street Journal reports that Fidelity Investments may give its customers with access to Bitcoin trading through its brokerage platform. The company has been heavily involved in bitcoin markets and has already introduced items that would provide its rich clients exposure to cryptocurrency.
The new plan may broaden the firm’s Bitcoin offering to its 34.4 million brokerage accounts, according to Wall Street Journal sources. Galaxy Holding, one of Fidelity’s major customers, and crypto bull Mike Novogratz alluded to the idea.
According to the article, Novogratz said the following during the SALT Conference: “A small bird in my ear warned me that Fidelity would soon migrate its retail clients towards cryptocurrency. I’m hoping that bird is correct. And so we are witnessing this institutional march.”
Similar to other banks and commercial organizations, Fidelity has claimed that demand for Bitcoin and cryptocurrency exposure is driving these possible offers.
In recent months, U.S. government authorities have been monitoring Fidelity’s efforts to increase its Bitcoin offerings and products. According to Bitcoinist, a group of U.S. Senators led by Elizabeth Warren issued a letter to Abigail Johnson, the CEO of Fidelity.
The government authorities questioned about the product as a possible violation of the U.S. Labor Department’s regulations for enabling 401(k) funds to obtain Bitcoin exposure. The vast majority of U.S. people utilize these accounts to save for their retirement.