A retail cryptocurrency trading platform is being introduced by Fidelity Investments (FNF), featuring zero-commission trading for Bitcoin and Ether as a starting point. Fidelity Crypto, a new product for retail consumers that allows commission-free trading with a 1% spread embedded into trade execution fees, has established a waitlist. A spread in the financial markets is the price difference between what users pay for cryptocurrency and what the brokerage charges to fill their order.
The engine behind Fidelity's new cryptocurrency business will be its subsidiary, Fidelity Digital Assets. Although Fidelity has not provided a launch date for the new offering, it has created a queue for early access. The company, which is already well-known for its mutual funds and financial counseling, is making an effort to attract younger customers.
Currently, cryptocurrency exchanges like FTX Trading and Coinbase as well as brokerage apps like Robinhood rule the retail sector. Fidelity teamed up with Charles Schwab and Citadel Securities in September 2022 to build a cryptocurrency exchange because it wants to be a part of the ecosystem. The asset manager previewed plans to enable 401(k) plan holders to make direct Bitcoin investments earlier this year.
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Aave (AAVE), a leader in decentralized finance (DeFi), also had a solid week, with a 17% increase in the market cap of the AAVE token. The token began last week at approximately $76.15 and reached a peak of $89.70 at the beginning of this week (see chart below). AAVE's market value increased by 12% in the most recent week. The price increase was probably caused by Aave publishing technical information about their GHO stablecoin. Additionally, it revealed the findings of its initial security audit, which revealed no serious flaws. Assets known as stablecoins are tied 1:1 to a fiat currency, such as the dollar.
Decentralized finance pioneer Aave (AAVE), whose market cap increased by 17% this week, also had a strong week. The token peaked at $89.70 at the start of this week after starting last week at at $76.15. (see chart below). The most recent week saw a 12% rise in the market value of AAVE. Aave likely raised the price after disclosing technical details regarding their GHO stablecoin. It also disclosed the results of its initial security audit, which found no significant problems. Stablecoins are assets that are 1:1 correlated to a fiat currency, such as the dollar.