Fidelity launching bitcoin trading “within a few weeks”
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 “within a few weeks,” 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 firm’s blockchain incubator.
Fidelity has so far invested “tens of thousands of hours and millions of dollars in development, product and systems design, and rigorous security controls,” to build an institutional-grade exchange and custodial solution. The firm intends to disrupt the “obfuscated nature of trading digital assets today.”
Fidelity spokeswoman Arlene Roberts, in an email with Bloomberg, wrote:
“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.”
Currently, Fidelity Investments operates one of the United State’s 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.