Fidelity Investments to Launch Crypto Trading and Storage PlatformOct 16, 2018, 9:05AM
The cryptocurrency sector stands to gain mainstream acceptance with a new custody and trading platform from fidelity investments
Fidelity Investments, a top 5 global financial firm known for its online discount brokerage, has announced plans to launch a cryptocurrency trading and storage platform through a new and separate company called Fidelity Digital Asset Services.
The new platform will be targeted towards institutional investors and indicates cryptocurrency's growing acceptance in the financial mainstream.
Fidelity Digital Asset Services
According to Tom Jessop, the head of Fidelity Digital Assets, the decision to create a standalone cryptocurrency platform began in 2017 and springs from research done at Fidelity's Center for Applied Technology. The new firm will specialize in crypto custody, the safe storage of digital assets, while leveraging Fidelity's massive institutional client list to compete with established competitors like Coinbase, Gemini, and BitGoץ
Abigail Johnson, the Chairman, and CEO of Fidelity Investments believes the new company represents the beginning of a long-term move towards cryptocurrency adoption. She stated,
Our goal is to make digitally native assets, such as bitcoin, more accessible to investors. We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.
The Growing Mainstream Adoption of Crypto
Fidelity is not the first mainstream global financial firm to expand into cryptocurrency-related services. Earlier this year, Intercontinental Exchange, the owner of the New York Stock Exchange, announced the launch of a federally-regulated Bitcoin market called Bakkt. Nomura, a major Japanese bank, Goldman Sachs, and Northern Trust are also reportedly exploring possible expansions into the cryptocurrency sector.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.