Fidelity Investments, one of the largest asset managers in the world that has $2.46 trillion in assets under management, is going to offer cryptocurrency trading in the coming weeks.
Earlier this year, Fidelity began a custody service to store Bitcoin and will now start buying and selling the flagship cryptocurrency for institutional customers, reported Bloomberg.
Back in October, the Boston-based firm announced Fidelity Digital Assets that is now planning to offer over-the-counter trade execution and order routing for BTC. In March this year, they started offering crypto custody services.
“We currently have a select set of clients we’re supporting on our platform,” Fidelity spokeswoman Arlene Roberts has been quoted as saying.
“We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin,” added Roberts.
The news came on the back of the recent survey released by Fidelity that stated in the next five years institutional interest will further increase in crypto space. The research found that 47 percent of these investors are either already investing in digital assets or planning to do so in the future.
“More institutional investors are engaging with digital assets, either directly or through service providers, as the potential impact of blockchain technology on financial markets — new and old — becomes more readily apparent,” said Tom Jessop, Fidelity Digital Assets president in an accompanying press release.
Recently, we reported how another heavyweight organization ICE’s Bakkt has been picking up talent and buying the dip while preparing for its platform that is delayed due to approval from CFTC.
In the meantime, after going through the brutal winter of 2018, the leading cryptocurrency has surged over 50 percent till date in 2019. Currently, BTC is trading at $5,670 with 24 hours losses of 0.70 percent.