Fidelity Investments rolled out its IRA plan that invests directly in Crypto on Wednesday, offering investors another way to tap on this asset class.
The brokerage offers Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) to US citizens over the age of 18. Assets are managed by loyal digital assets and held in cold wallets. Crypto IRA products have no fees and customers can invest in Roth IRA, traditional IRA, or rollover IRA, according to the Fidelity website.
This new product comes as financial advisors are increasingly providing encryption to clients. A survey by TMX Vetta Fi recently showed that 57% of advisors plan to increase their allocation to crypto ETFs, but the biggest focus is on Crypto Equity ETFs.
“Fidelity is committed to providing investment products and solutions that meet the changing needs and interests of our customers, with education and support,” a spokesperson told Koindsk.
Securities firm clients are increasingly expressing their benefits in the tax-friendly way of trading and holding crypto, someone who is a problem-savvy person.
Fidelity already provides funds that are traded on many crypto exchanges. This allows investors to track the price of digital assets without direct investment. The company recently submitted it to Cboe Exchange to list the Solana ETF.
Update (April 2, 16:15 UTC): Amend the first paragraph to state that the plan was introduced on Wednesday, not Thursday, making it clear that the assets are managed by Fidelity Digital assets.