Fidelity launching bitcoin trading “within a few weeks” ๐จ This article is 6 years old...
Fidelity launching bitcoin trading “within a few weeks”
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Updated: Nov. 7, 2019 at 2:52 am UTC
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Fidelity Investments, the fifth-largest asset manager with $2.5 trillion in assets under management, will offer bitcoin trading for institutional clients โwithin a few weeks,โ according to Bloomberg.
In early March, the division announced that their trading services are live with select clients. Now, A full launch of institutional trading and custodial services is expected โwithin a few weeks,โ stated Bloomberg.
According to Fidelity, a number of institutions reached out to the financial services giant looking for a trusted platform for engaging with bitcoin and other digital assets. The firm responded by creating Fidelity Digital Assets, a subsidiary spun up in October of 2018 out of the firmโs blockchain incubator.
Fidelity has so far invested โtens of thousands of hours and millions of dollars in development, product and systems design, and rigorous security controls,โ to build an institutional-grade exchange and custodial solution. The firm intends to disrupt the โobfuscated nature of trading digital assets today.โ
Fidelity spokeswoman Arlene Roberts, in an email with Bloomberg, wrote:
โWe currently have a select set of clients weโre supporting on our platform. We will continue to roll out our services over the coming weeks and months based on our clientsโ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.โ
Currently, Fidelity Investments operates one of the United Stateโs major brokerage firms, with investment centers in over 140 locations throughout the country. Through its subsidiary National Financial Services LLC, Fidelity currently provides brokerage services to institutional investment firms, banks and trusts, family offices, and registered investment advisors.
Adding bitcoin to the list of products the firm offers will add to the availability and acceptance of the cryptocurrency, especially among institutions.
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Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.