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Fidelity to Buy And Sell Crypto Assets for Institutional Investors in the Coming Days

The big players from the field of traditional finance are all one after another lining up to get their share of profits from the cryptocurrency space. Fidelity Investments is also one such name, and we had already heard about their crypto plans way back in 2018 itself. In June 2018 we had heard for the first time that Fidelity is looking to venture into crypto market, and then a new entity called Fidelity Digital Assets had been established by the company in October 2018 to kickstart the efforts in that direction. Then earlier this year Fidelity launched its own digital asset custodian service for institutional investors, and now we’re hearing that the company will start buying and selling crypto assets for institutional investors in the coming days.

This is a small effort from the company to satisfy the growing demand of crypto assets in Wall Street. The company is betting that many of big shot investors from Wall Street want to invest in cryptocurrencies, and therefore being one of the largest asset-management firms the company can capture at least some share of that market demand. The Boston-based firm has also got one step ahead of its competitors by launching the new service first.

With launch of this new service Fidelity has joined the club of companies like E*Trade and Robinhood, which are offering crypto trading services to their clients. The only difference is that E*Trade and Robinhood are offering such services to retail investors while Fidelity will offer the same to institutional investors. The bet has been made by Fidelity after finding through a survey that more than 47% of Wall Street’s wealthy institutional investors think that crypto assets are worth investing in. The survey further revealed that 71% of them were interested in purchasing investment products that hold digital assets, while 57% preferred purchasing the assets directly.

The findings of survey reached Fidelity on 2nd of May, and today the company has announced a service based on them. That was quick, wasn’t it?

Responding to the rumors about this upcoming service Fidelity spokeswoman Arlene Roberts told Bloomberg in an email:

“We currently have a select set of clients we’re supporting on our platform. 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.”

Bitcoin has already surged more than 50% this year, which might have given rise to this increased interest of legacy finance industry in crypto space. Now it will be interesting to see how successful this new service launched by Fidelity remains!

The post Fidelity to Buy And Sell Crypto Assets for Institutional Investors in the Coming Days appeared first on Crypto-News India.

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