Fidelity Begins Opening Retail Bitcoin Trading Accounts \ stacker news ~bitcoin

Fidelity Begins Opening Retail Bitcoin Trading Accounts bitcoinmagazine.com/business/fidelity-opens-retail-bitcoin-trading

1210 sats \ 16 comments \ @cryptocoin 28 Nov 2022 bitcoin

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130 sats \ 4 replies \ @siggy47 28 Nov 2022

I'm surprised Fidelity didn't bow to political pressure and put its plans on hold. I hope their involvement remains solely with bitcoin.

94 sats \ 1 reply \ @tbonesteaks 29 Nov 2022

They released this paper in January of this year about why investors need to consider bitcoin as different than other digital assets. So I think they've planned for bitcoin surviving. I hope.

25 sats \ 0 replies \ @siggy47 29 Nov 2022

Thanks for the link

26 sats \ 1 reply \ @Chillywater 29 Nov 2022

They’ll likely expand into other crypto assets at some point. They’re at least timing it right, which will allow their investors to start allocating into btc at the bottom of this cycle.

25 sats \ 0 replies \ @kilianbuhn 29 Nov 2022

Maybe not. Fidelity has famously a rather wealthy customer base with stock market experience. These people know that winner takes it all. They are more likely to be Botcoin only and only a smaller part of the portfolio 😆😆

30 sats \ 2 replies \ @uco 29 Nov 2022

I'm assuming that Fidelity won't let you withdraw to your own wallet yet. Has anyone heard if they have plans to allow for self custody soon?

86 sats \ 0 replies \ @Chillywater 29 Nov 2022

There’s no need for withdrawals right off the bat. Many if not most who invest with fidelity aren’t concerned with being their own bank. It’s a different mindset. People with these firms also aren’t cashing out after they see some gains after a few years. It’s 30+ years grinding away through every cycle. Some are more savvy than others as it will always be and I am generalizing.

45 sats \ 0 replies \ @kilianbuhn 29 Nov 2022

I'd be very surprised. But they are probably better insured than at FTX or so 😂😂

0 sats \ 5 replies \ @cryptocoin OP 28 Nov 2022

There is still a waiting list, but some who signed up earlier are getting access -- as early as last week.

Fidelity Crypto℠ | Get on the early access list for investing & trading Bitcoin and Ethereum https://www.fidelity.com/crypto/trading

10 sats \ 4 replies \ @cryptocoin OP 28 Nov 2022

Example:

I got access to @Fidelity Crypto today. I'm looking forward to them adding support for deposits and withdrawals. I probably won't use the service before then.

https://twitter.com/JEhrenhofer/status/1595150404127318016 [Nitter]

25 sats \ 3 replies \ @thebtctoto 28 Nov 2022

Is there any indication they plan to allow withdrawals? Or is this gonma be like a venmo-style 'buy bitcoin' program?

25 sats \ 0 replies \ @Kaffi 29 Nov 2022

It's probably just them holding a ton of GBTC or BITO, meaning they don't have any actual bitcoin to withdraw.

0 sats \ 1 reply \ @cryptocoin OP 29 Nov 2022

Thanks for reaching out to us here on Twitter. In this early version of Fidelity Crypto, you won't be able to send or receive cryptocurrency. But, we're exploring cryptocurrency transfers in the future. Turn on your notifications to receive updates.

https://twitter.com/Fidelity/status/1597367999983661057 [Nitter]

We are currently operating within a managed custody model. Our goal is to provide a secure and simple solution for those looking to buy crypto. As a trusted custodian, Fidelity Digital Assets manages the private keys for accessing any crypto you purchase.

https://twitter.com/Fidelity/status/1597414222987956226 [Nitter]

25 sats \ 0 replies \ @thebtctoto 29 Nov 2022

Then this 'development' means nothing, unfortunately.

0 sats \ 0 replies \ @cryptocoin OP 28 Nov 2022

Another article on this is found on The Block:

Ready to trade? Fidelity finally opens retail crypto accounts https://www.theblock.co/post/190286/ready-to-trade-fidelity-finally-opens-retail-crypto-accounts 12ft proxy

25 sats \ 0 replies \ @cokyjgz 29 Nov 2022

Thanks for sharing