Fidelity Investment, which is one of the largest asset managers in the world stepped into the revolutionary Cryptocurrency market in October. It planned initially for the institutional Cryptocurrency platform called Fidelity Digital Asset Services to include Bitcoin (BTC) and Ethereum (ETH). The latest announcement suggests that it is looking at expanding beyond BTC and ETH.
The head of Fidelity Digital Asset Service, Tom Jessop explained to CoinDesk at the Block FS Conference in New York that the top Cryptocurrencies in terms of market capitalisation have a high demand. Thus, Fidelity Digital Asset Services will soon allow institutional investors to start trading in Cryptocurrencies such as XRP and Stellar.
Tom Jessop leads Fidelity Digital Assets, with an experience that includes finance and technology. For example, he was the president at a tech startup called Chain. He was also a managing director at Goldman Sachs Group Inc.
Fidelity has spent four to five years of R&D in the Cryptocurrency space which Jessop compares to the extravagant development of the internet.
Fidelity is one of the five largest financial service providers in the world, maintaining about $2.5 trillion in client assets as of May 2018. Therefore, investors are looking for a more sophisticated and secure company to place their trust in Cryptocurrency.
As a result, Fidelity which is a known and valued company getting in the Cryptocurrency scene helps institutional investors trust Cryptocurrencies. The Cryptocurrency offering has already proven to be successful with Cryptocurrency services offered to more than 13,000 clients.
Above all the steps taken by Fidelity will expand institutional investors in Cryptocurrency to retail investors. Similarly, to how the CME and CBOE Bitcoin Future markets paved the way for retail investors in Bitcoin futures. However, in this case, it will be for a wider variety of digital assets.
In conclusion, Fidelity has a massive role in changing the current bear markets of Cryptocurrency given its status of experience of 72 years.
Image Source – Pixabay
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