11/4/2022 | ASKTRADERS
CRYPTO WATCH: FIDELITY, SANTANDER AND REVOLUT
Fidelity is launching a zero fee, crypto trading app, whilst Santander limits payments to cryptocurrency exchanges, and Revolut launches a crypto card with Dogecoin cashback.
FIDELITY ZERO FEE CRYPTO TRADING WAITLIST OPENS FOR RETAIL
Fidelity Investments has set up a customer waitlist for its Fidelity Crypto offering. The company’s website highlights that the Fidelity Crypto offering allows retail customers to invest and trade in Bitcoin and Ethereum, with zero commission rates. Users will be able to invest in crypto and stocks from the same app, as well as having the ability to benefit from a learning centre, enabling customers to get information in order to make more informed investments and trades.
The Fidelity Crypto offering launch comes on the back of a Fidelity survey that concluded that the 2022 “crypto winter” has not negatively impacted the retail investor’s view for investing in cryptocurrencies. Fidelity’s research indicated that 58% of institutional investors had invested in digital assets during the first half of 2022, a 6% rise over the previous year. Furthermore, 75% of those surveyed indicated they were planning on investing in the future. In a news release, Tom Jessop the Fidelity Digital Assets President said, “While the markets have faced headwinds in recent months, we believe that digital assets fundamentals remain strong and that the institutionalization of the market over the past several years has positioned it to weather recent events.”
SANTANDER UK LIMITS PAYMENTS TO CRYPTO EXCHANGES BY CUSTOMERS
The UK arm of the multinational banking group Santander UK have announced they will limit their customers in the United Kingdom to £1000 per transaction and a £3000 per month total limit in how much they can send to cryptocurrency exchanges. Even before this announcement, Santander had already halted any payments to the world’s largest cryptocurrency exchange, Binance, after a Financial Conduct Authority (FCA) consumer warning about that exchange. The bank stated, “We’ll be making more changes to limit or prevent payments to crypto exchanges in the future, though we’ll always let you know before we make these changes.” Santander will start to enforce the new limits from 15th November 2022.
REVOLUT LAUNCHES CRYPTO CARD WITH DOGECOIN CASHBACK
Dogecoin (DOGE), The popular British challenger bank Revolut has launched a new feature enabling its users to morph their debit or credit card into a crypto card. Revolut customers can simply choose an already existing card in their account, or just create a new one, with the feature working for both virtual and physical cards. In addition, users are entitled to 1% cashback in Bitcoin (BTC), Ethereum (ETH), plus Dogecoin (DOGE), and Shiba Inu (SHIB), alongside the many other cryptocurrencies supported by Revolut.