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Fidelity Investments to launch Bitcoin trading “within weeks”

Fidelity Investments to launch Bitcoin trading within weeks

One of the largest asset managers in the world is set to launch crypto trading “within weeks”, according to a report from Bloomberg.

Fidelity Investments, based in Boston will soon be buying and selling the world’s most popular digital asset, Bitcoin, for their institutional customers. This latest news comes just a few months after they created Fidelity Digital Assets in October 2018. This move was described as a “bet that Wall Street’s nascent appetite for trading and safeguarding digital currencies will grow”. In a statement given at the time, the firm said that they hoped to be offering over-the-counter trade execution and order routing bit BTC by early 2019.

The asset management firm now joins brokerages such as Robinhood and E*Trade Financial Corp in offering Bitcoin trading to their customers. Fidelity however will only offer the service to its institutional customers for now, rather than retail investors as well.

A study released by Fidelity earlier this month, reported that 47% of institutional investors and 74% of financial advisors believe that digital assets are worth investing in.

A spokesperson from Fidelity, Arlene Roberts said in an email to Bloomberg that the firm was currently supporting a select set of clients on the 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,” she added.

Fidelity Investments has over $2.45 trillion in assets under management and operates a brokerage firm as well as managing mutual funds, providing fund distribution and investment advice, wealth management and life insurance.

This news is yet another boost for Bitcoin which has experienced a 50% jump in value so far this year. At the time of writing its value was $5,612 after reaching $5,800 over the weekend. This spike saw BTC break the $100 billion market cap for the first time since November, when its value started to plummet. The sudden increase in value was put down, in part to Facebook announcing that it was in the process of creating its very own cryptocurrency payment system, entitled “Project Libra”.

This announcement, combined with the latest news from Fidelity are important steps forward in increasing the mainstream appeal, and confidence in cryptocurrency. The current scandal surrounding Bitfinex, Tether, and the loss and subsequent cover up of $850 million in client and corporate cash was a cause for concern for many, but crypto-adoption by one of Wall Street’s biggest players is a significant vote of confidence.

About Alice Taylor

Alice is a law graduate, journalist, writer, and crypto fan. She has been working in the sector for almost a decade- firstly in the legal and regulatory side of things, before venturing into journalism four years ago.

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