Robinhood Introduces Retirement Account for Crypto Investors
Fidelity Launches IRA That Allows Direct Investments in Crypto
Fidelity Investments has launched a new Individual Retirement Account (IRA) that allows customers to invest directly in cryptocurrencies, marking a significant milestone in the evolution of the digital asset space.
The Fidelity Crypto IRA, as it is called, allows investors to contribute up to $6,000 per year, with earnings growing tax-deferred until withdrawal. The new offering is designed to appeal to the growing number of investors looking to diversify their retirement portfolios with alternative assets.
"We believe that our customers should have the ability to invest in the assets that they believe in, and that includes cryptocurrencies," said Abigail Peman, Fidelity's director of retirement product and innovation. "This new IRA offering gives investors the opportunity to diversify their retirement portfolios and potentially capture the upside of the growing crypto market."
The Fidelity Crypto IRA is available to eligible investors aged 18 and above, and requires a minimum initial investment of $100. The account offers a range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, as well as a selection of ETFs and index funds that track the performance of various crypto indices.
Fidelity's move into the crypto IRA space follows a trend of growing institutional interest in digital assets. In recent years, a number of major financial institutions, including Charles Schwab and Robinhood, have launched similar offerings.
The launch of the Fidelity Crypto IRA is seen as a significant development in the growth of the crypto market, which has experienced significant volatility in recent years. Despite this, many investors remain optimistic about the long-term potential of digital assets, and the new IRA offering is designed to provide a safe and regulated way for investors to participate in this market.
Fidelity's Crypto IRA is available now, with investors able to open an account online or through a financial advisor. For more information, visit Fidelity's website.