The year-long bear market in bitcoin (and all other cryptos) has not fazed Fidelity Investment’s quest to become a major force in the digital asset sector. Just last week Fidelity announced they would expand their institutional crypto asset platform to include the top five to seven cryptocurrencies (by market cap). And now we learn that Nasdaq Ventures and Fidelity Investments have invested in Chicago-based ErisX. ErisX, a regulatory friendly cryptocurrency exchange, will expand its institutional and individual platform to include both spot and futures trading on digital currencies which will allow hedging in those products to be much easier. So, wherever you look, there’s Fidelity. It looks like the crypto bear market is helping institutions expand cheaply. Wonder if bitcoin keeps going down if Fidelity will only get bigger. Dig deeper below.
(Bill Taylor/ Fintek Capital)
“Financial industry giants Nasdaq and Fidelity continue to wade deeper into the nascent cryptocurrency ecosystem, most recently through investments in Wall Street-friendly crypto exchange ErisX.
The Chicago-based ErisX announced today that it has secured $27.5 million in funding from a group of investors headlined by Nasdaq Ventures and Fidelity Investments, though the size of these firms’ investments was not disclosed.
“With increasing financial support from leading edge firms, ErisX stands to provide the most robust, secure and regulated digital asset offering available to both institutional and individual participants,” said ErisX CEO Thomas Chippas. “Closing this second round of funding enables us to continue building our modern platform and expand our team.”…”
“Fidelity Investments is looking to expand its institutional crypto asset platform to include trading services for the top five to seven cryptocurrencies by market capitalization.
Revealed today at the Block FS conference in New York, the news came in response to a question from CoinDesk posed to Tom Jessop, head of Fidelity Digital Assets, on what other cryptocurrencies may be added to the platform, to be launched next year.
Last month, the buy-side giant announced it would be launching a separate company, Fidelity Digital Asset Services, at the time stating that it would be offering custody and trading services for bitcoin and ether, the cryptocurrency that powers the ethereum blockchain…”