Fidelity will soon 'shift' retail customers to crypto, says Galaxy CEO

While Fidelity has yet to confirm rumors that it will launch Bitcoin retail, the company said that allowing a wider access to digital assets remained a key area of ​​focus.

$4.2 trillion asset management firm Fidelity Investments is reportedly working to offer Bitcoin trading services to its 34.4 million retail investors, according to the CEO of Galaxy Digital, Mike Novogratz, and people familiar with the matter.

While Fidelity has not officially confirmed plans to integrate crypto into its retail platform, Novogratz told a conference in New York on September 12 that the move may be imminent:

"A bird told me that Fidelity, a little bird in my ear, will soon transition its retail customers to crypto."

“I hope that bird is right. So we are still in this institutional march and that is giving crypto its floor,” he added.

Novogratz isn't the only person to report Fidelity's potential departure. On September 12, The Wall Street Journal (WSJ) noted that Fidelity is "currently evaluating a plan" to allow individual investors to trade Bitcoin on its brokerage platform.

A similar note was shared by Eight Global founder and CEO Michaël van de Poppe last week, suggesting that the platform will launch Bitcoin trading for retail clients in November.

Fidelity, in a September 12 statement, responded to the rumours, noting:

“While we have nothing new to announce, expanding our offerings to enable broader access to digital assets remains an area of ​​interest.”

Fidelity Investment has been an active investor and playmaker in the crypto space, fueled by growing client demand for access to crypto investment opportunities.

Fidelity began mining Bitcoin in 2015 and launched a Bitcoin trading business for hedge funds and institutional investors in 2018.

In April, Fidelity also began allowing its 401(k)...