Hear ye, hear ye! Oh, you probably have heard that Fidelity Investments (one of the largest asset managers on the globe) is going to be offering bitcoin trading for its institutional clients (sorry retail folks). Well, IT’S HAPPENING IN JUST A FEW WEEKS. Obviously this jumps Fidelity to the forefront of all other firms that have large institutional clients. Fidelity did a study recently and found the 47% of institutional types believe digital assets are a great place to invest. Right now it’s bitcoin, but watch Fidelity move quickly into other digital assets fairly quickly. More below.
Bill Taylor/Fintek Capital
“Fidelity Investments, which began a custody service to store Bitcoin earlier this year, will buy and sell the world’s most popular digital asset for institutional customers within a few weeks, according to a person familiar with the matter.
The Boston-based firm, one of the largest asset managers in the world, created Fidelity Digital Assets in October in a bet that Wall Street’s nascent appetite for trading and safeguarding digital currencies will grow. It also puts Fidelity a step ahead of its top competitors that have mostly stayed on the sidelines so far. The firm said in October that it would offer over-the-counter trade execution and order routing for Bitcoin early this year.
Fidelity would join brokerages E*Trade Financial Corp. and Robinhood in offering cryptocurrency trading to clients, though Fidelity is only targeting institutional customers and not retail investors like E*trade and Robinhood, said the person, who asked not to be named discussing private matters. A study released by Fidelity on May 2 found that 47 percent of institutional investors think digital assets are worth investing in.
“We currently have a select set of clients we’re supporting on our platform,” Fidelity spokeswoman Arlene Roberts said in en email. “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.”…”