$2.5 Trillion Dollar Fidelity Investments Launches New Crypto Platform to Support the Evolution of Digital Cash
Fidelity Investments announced that it has created a new separate company known as Fidelity Digital Asset Services. According to the official announcement, the intention is to allow institutions to have access to cryptocurrency investments.
The creation of this company is related to the evolution of digital cash that is currently represented in Bitcoin and other cryptocurrencies. Fidelity Digital Assets wants to offer a solution to the increased demand from institutional investors.
Fidelity is making a huge step into cryptocurrencies. The giant company announced that its new firm will be handling cryptocurrency custody and trading services for institutions.
Fidelity Investments Chairman and CEO, Abigail Johnson, informed that the company is also experimenting for the long-term with new services and products.
On the matter, he commented:
“Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors. We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.”
According to Tom Jessop, head of Fidelity Digital Assets, the company was analysing the idea of launching a new crypto company back in 2017. At the moment, the new services are available for institutions such as hedge funds, endowments and family offices. Retail investors will not be allowed to invest within the firm.
In another post, the company explains that the emergence of digital assets such as cryptocurrencies (including Bitcoin) show that there is a change in the way money is transferred globally. Fidelity Digital Assets believes that these virtual currencies will become accepted as investable assets and stores of value.
That means that they will be tradeable on global, licensed exchanges and accessible to both individuals and institutions all over the world.
Although there were several steps before releasing Bitcoin the community was able to solve the challenges that appeared on the road and improved them. Most of the technological advances in cryptography and decentralized networking helped the crypto ecosystem arrive where it currently is.