Bitcoin News

Fidelity Set To Offer Crypto Trading In The Coming Few Weeks

One of the largest asset managers in the world, Fidelity is getting ready to offer crypto trading in the coming few weeks according to an anonymous source with knowledge of the matter. After launching Bitcoin custody earlier this year, the firm seems set to follow that up by buying and selling the top cryptocurrency for institutional customers.

Last October the company created Fidelity Digital Assets with hopes that Wallstreet’s new appetite for safeguarding and trading cryptocurrencies would grow. Now, if the rumor turns out to be accurate, it will put the asset manager ahead of its main competitors who have chosen to stay on the sidelines so far.

According to a statement made back in October, the firm planned to offer over the counter (OTC) trade execution and Bitcoin order routing at the beginning of this year.

Fidelity has now joined Robinhood and E*Trade Financial Corp. in offering its clients crypto trading, but unlike the two, the company is only targeting institutional investors and not retail investors according to the anonymous source. 

When Bloomberg reached out to Arlene Roberts of Fidelity to confirm the rumors, the spokeswoman via email said: “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.”

Last week Fidelity released a study that indicated 47% of institutional investors were open to the idea of investing in digital assets. The survey which questioned around 441 institutional investors also found out that 72% would prefer to buy investment products that hold crypto assets while 57% would instead buy them directly.

What’s your take on the revelation that Fidelity plans to launch crypto trading in the coming few weeks? Share your thoughts in the comment section below.

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coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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