Fidelity is launching a Cryptocurrency Trading Platform
Bitcoin prices have continued to surge, jumping by 9.3% in the last few days. This is surprising when it was only a week and a half ago that Binance was breached by hackers. The reason for the rapid jump, letting the value of each BTC rise to $6,166.00 is the fact that Fidelity will be launching a cryptocurrency trading platform. Fidelity is a global investment firm with customer assets valuing over $7 billion. This cryptocurrency platform is suspected to be released within weeks, says the Bloomberg Report.
The cryptocurrency community now eagerly awaits the participation of Fidelity, an institutional heavyweight that has been actively educating itself and surveying the market to determine if there is a steady interest from investors in Bitcoin or other cryptocurrencies.
Digital Assets for Fidelity
Investment firms like Fidelity have had long-term interest in cryptocurrency. Unfortunately, this market has had uncorrelated risks in terms of breaches or regulation changes. Fidelity for years opted out not to join this market space until the firm could be guaranteed their funds would be safe. Fidelity was prompted to start their own cryptocurrency trading platform after a survey was completed amongst their clients. The survey found that 22% of Fidelity’s clients had already invested into the crypto space through other methods.
As of today, retail customers are dominating the cryptocurrency trading space. However, this will change as soon as Fidelity releases their platform in a few weeks. Their new platform will create a drastic shift in the market that will drive other large financial institutions to create their own services as well. Before we all realize, there will be numerous cryptocurrency trading exchanges from investment institutions.
Fidelity launching their own digital trading service will ensure traders and investors across the globe that there is finally a secure network. It has already released a digital asset custodial service. This is a service that works to scale the needs of clients and provide private networks for the safe-keeping of funds. When you couple the digital asset custodial service with Fidelity’s cryptocurrency trading service, you receive a combined platform that eases new traders into the market.