Fidelity Opens Retail BTC— Is ETH Trading Exploiting Bank Crisis?
Fidelity Investment allowed BTC and ETH trading access, benefiting from the recent bank crisis The US banking industry suffers from the recent Silvergate, SVB, and Signature Bank collapses Fidelity Investment opened access to BTC and ETH trading to fill the void created by the closure of crypto-friendly banks. United States regulators closed Silicon Valley Bank and Signature Bank after the collapse of Silvergate to curtail the crisis in the banking industry. Fidelity Investment is trying to fill the GAP All the banks that shut their doors were bridges between traditional finance and the crypto industry. Their closure has hampered easy operations; Fidelity Investment is trying to fill the gap by offering trading options. Previously it provided services to only institutional and a few select customers. Earlier this month, they opened their doors to the general public. Now individual investors can buy and sell BTC and ETH using their custodial and trading services provided by Fidelity Digital Assets. However, clients, for now, arent allowed to transfer cryptocurrencies to and from their Fidelity accounts. There is no clear timeline for this facility, but rumors are it might be available by November 2023, a few days after announcing the waitlist. The GAP created by recent Closures Silvergate Capital collapsed after