Fidelity Presents New Trading Platform
Fidelity Investments, a multinational financial services provider, launches a cryptocurrency trading platform. It’s dedicated specifically to institutions and bigger investors.
Road to the crypto world
Just yesterday we wrote about the failed plans of launching a trading desk by one of the British banking giants. Today we’ll hear about other big company, Fidelity Investments, successfully establishing their trading and storage platform. Fidelity is a multinational financial services corporation based in Boston, Massachusetts. It offers investment advice, life insurance, fund distribution and more. The launch of the trading platform is a big step towards developing crypto technology solutions within the firm.
An offer dedicated to bigger players
The launch was announced in a press release on October 15th. Alongside with the platform itself, the company has created a new subsidiary – Fidelity Digital Asset Services, LLC. The new firm will offer trade services for digital assets, mostly directed to bigger companies. Investors like hedge funds, family offices and market intermediaries are expected to be the main clients. The platform will not be available to retail investors.
Filling the gap
The launch was preceded by long-term research. Tom Jessop, the head of the newly created company, said in an interview that the idea has been developed since mid-2017. The main goal of the new Fidelity project is to provide institutions with a place to explore the benefits of digital assets. While there are many platforms for retail services, the company noticed the gap in support for institutions.
“Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors,” said Abigail Johnson, CEO of Fidelity Investments.
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