Quick take:
- The no-fee crypto IRA product allows U.S. adults to invest in Bitcoin (BTC), Ether (ETH) and Litecoin (LTC).
- The assets are held in a cold wallet, and Fidelity also provides the custodial services.
- The product can be accessed by investing through a Roth IRA, traditional IRA or rollover IRA.
Fidelity Investments has launched a new product allowing investors to directly invest in crypto assets. The new retirement plan allows the financial services company’s customers to invest in Bitcoin (BTC), Ether (ETH) and Litecoin (LTC). The product will be only available to U.S. citizens aged at least 18 years.
The no-fee crypto IRA product will be accessed by investing through a Roth IRA, traditional IRA or rollover IRA. The crypto assets will be stored in a cold wallet, with Fidelity acting as the custodian.
To start trading using the new product, investors are required to link their Fidelity brokerage IRA to the Fidelity Crypto IRA or create one if they don’t have one, a statement on the product’s Q&A reads.
The new product is being rolled out amid increased interest for crypto assets from traditional investors.
In just over a year, the crypto market has gained traction in the mainstream with the approval of various crypto ETFs and tokenised money market funds providing a direct route for traditional investors.
This is all happening amid increasing optimism for a clearer crypto regulatory framework in the U.S., as promised by Trump.
Commenting on the company’s new product, a Fidelity spokesperson told CoinDesk: “Fidelity is committed to offering investment products and solutions to meet the changing needs and interests of our customers, accompanied by education and support.”
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