Fidelity Investments, one of the world’s largest asset managers with more than $2.4 trillion in assets under management, has been quietly building a cryptocurrency business since 2015.
The Boston-based financial services giant has been hiring blockchain engineers and researchers, building out a trading desk for cryptocurrencies, and developing a digital asset custody offering.
Now, it appears that Fidelity is ready to take its cryptocurrency business public. The company is reportedly planning to launch a bitcoin and ethereum trading platform for institutional investors within a few weeks.
The news was first reported by Bloomberg, and later confirmed by CoinDesk.
Fidelity has been working on its cryptocurrency business for more than three years. In 2015, the company hired its first blockchain engineer, Alex Batlin, who had previously worked on Goldman Sachs’ digital currency project.
NOTE: Warning: Ethereum is a digital asset and may be subject to market risk. Investing in Ethereum involves a high degree of risk and may result in loss of funds. Fidelity does not provide investment advice, endorsement or guarantee with respect to any products or services offered by third-party providers, including Ethereum. Before investing, consider the risks and suitability of the product.
Batlin left Goldman to join Fidelity’s fintech incubator, where he helped the company build out its crypto trading desk and custody offering.
In 2017, Fidelity launched a bitcoin mining pool through its subsidiary, Fidelity Digital Assets. The pool allows miners to pool their resources and share in the rewards of mining blocks.
And last year, Fidelity announced that it was developing a digital asset custody offering for institutional investors. The offering is designed to provide “a secure way to store digital assets,” according to the company.
Fidelity’s move into the cryptocurrency space comes as other financial institutions are beginning to warm up to the asset class. JPMorgan Chase, for example, is reportedly considering launching its own bitcoin trading platform.
And Goldman Sachs is said to be exploring a cryptocurrency trading desk.
The institutional interest in cryptocurrencies appears to be driven by a belief that the asset class is here to stay. And as more institutional investors get involved in the space, it’s likely that we’ll see even more products and services aimed at them come to market.
9 Related Question Answers Found
Yes, you can buy Ethereum on Fidelity. Fidelity is one of the few major online brokerages that offer access to Ethereum. Ethereum is the second-largest cryptocurrency by market capitalization, behind only Bitcoin.
Fidelity Investments is one of the world’s largest asset managers with $2.46 trillion in assets under management (AUM) as of December 2018. The company offers a full range of investment products and services to more than 27 million individual investors, institutions, and employees worldwide. Fidelity has been offering cryptocurrency trading since October 2018, when it launched its digital assets platform.
Ethereum has been a hot topic in the cryptocurrency world since its launch in 2015. The Ethereum network is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
Yes, you can invest in Ethereum on Fidelity. Fidelity offers a few different ways to get exposure to Ethereum, including through its digital assets platform and its cryptocurrency trading desk. Fidelity’s digital assets platform allows investors to buy, sell, and store Ethereum tokens.
Fidelity Investments is one of the world’s largest financial services firms, with more than $7 trillion in assets under management. The company offers a wide range of investment products and services to its clients, including traditional and Roth IRA accounts, brokerage services, and retirement planning. Fidelity does not currently offer direct purchasing of Ethereum or any other cryptocurrencies.
When it comes to blockchain technology, Ethereum is considered to be the king. It is the second-largest cryptocurrency by market capitalization and has the largest developer ecosystem. However, does Ethereum have a tech royalty?
xDai is a digital asset that is pegged to the value of the US dollar. It is an ERC20 token that is backed by the Dai Stablecoin System, which is a decentralized platform that is built on the Ethereum blockchain. The Dai Stablecoin System is designed to provide stability in the value of the Dai token, as it is pegged to the US dollar.
If you’re looking to invest in Ethereum, you may be wondering if you can do so through your Fidelity account. The answer is yes! You can absolutely buy Ethereum through your Fidelity account.
Livepeer is a decentralized live video streaming platform that is built on the Ethereum blockchain. The Livepeer protocol is designed to power a new generation of live video applications by providing a decentralized infrastructure for video encoding, streaming, and storage. The Livepeer protocol enables any user to become a Video Node, which is a computer that encodes and streams live video to the network.