Bloomberg Report: Fidelity Will Start Institutional Bitcoin Trading Within Weeks

by Osiris Team


Posted on May 6, 2019, 3:07 p.m.
Development
Time to read: 2 min
BTC

United States $7 trillion investment firm Fidelity will reportedly roll out bitcoin (BTC) trading for institutional clients in the coming weeks, Bloomberg reported on May 6.

Citing a source who asked to remain anonymous, the publication revealed Fidelity’s cryptocurrency-focused spin-off, Fidelity Digital Assets, would be adding to the existing range of services.

The subsidiary launched in October 2018 and has offered cryptocurrency custody from March this year ahead of planned over-the-counter (OTC) trading.

Now, the trading side will go live for Fidelity’s users in as little as several weeks, the source said, and will primarily target large-volume traders like other OTC offerings.

While Fidelity itself did not confirm the time frame, the company hinted that its future direction would only involve more integration with the bitcoin space.

“We currently have a select set of clients we’re supporting on our platform,” spokeswoman Arlene Roberts told Bloomberg. She added:

“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.”

The report comes on the back of a survey Fidelity conducted last week that revealed consistent appetite for bitcoin among its target market.

Specifically, 22% of the over 400 institutional investors who responded said they already owned the cryptocurrency as part of their portfolio. Almost half were sympathetic to including it.

“More institutional investors are engaging with digital assets, either directly or through service providers, as the potential impact of blockchain technology on financial markets — new and old — becomes more readily apparent,” Fidelity Digital Assets president Tom Jessop commented in an accompanying press release.


Related links:
Source
Like and comment it on:

More cryptocurrency news

Latest news

Senate hostile towards Libra, Facebook suggests regulators must act or risk losing US dollar dominance to Bitcoin

The focus of the hearing between Facebook’s David Marcus and the Senate on the Libra cryptocurrency was trust—or the lack thereof.


Development Regulatory
LIBRA

July 19, 2019, 10:53 a.m.

Chinese court upholds legality of Bitcoin ownership, BTC protected by China’s property laws

A court in Hangzhou, China, upheld Bitcoin’s status as “virtual property.” The ruling reaffirms that Bitcoin is legal to own in China and indicates to holders that they will be protected by the country’s legal system in disputes.


Regulatory
BTC

July 19, 2019, 10:49 a.m.

Crypto Exchange Bitpoint Admits to 50,000 Victims of $32 Million Hack

Japanese cryptocurrency exchange Bitpoint was hacked last week when hackers stole 3.5 billion yen ($32 million) from the exchange’s hot wallet, of which 2.5 billion yen were customer funds.


Alerts
General

July 16, 2019, 1:51 p.m.

Ripple Executive Unveils Strategy to Transform Cross-Border Payments, Boost XRP and Grow Blockchain Ecosystem

Ripple is revealing more on its multi-million dollar plan to grow the digital assets ecosystem and bring distributed ledger technology to the masses.


Development
XRP

July 14, 2019, 9:28 p.m.

Donald Trump: Bitcoin not money, value based on thin air, facilitates unlawful behavior

U.S. president Donald Trump finally expressed his views on Bitcoin and cryptocurrency, and the POTUS is not a fan.


Alerts Regulatory
BTC

July 11, 2019, 9:32 p.m.

Follow us