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In addition to launching a custody service, Fidelity Investments appears to be about to start trading in bitcoins (BTC) for institutional clients. This news comes as Ameritrade and E-Trade were quietly testing BTC trading on their respective platforms.
2.4 billion US dollars: loyalty targets Bitcoin transactions
according to BloombergAccording to internal sources, Fidelity Investments plans to launch a Bitcoin trading platform. The reports indicate that the service will address the institutional clientele of the company and will not be available to retail traders.
Comment on the question for BloombergArlene Roberts, a spokeswoman for the company said:
We currently have a set of customers that we support on our platform. We will continue to deploy our services in the coming weeks and months based on our clients' needs, jurisdictions and other factors. Currently, our service offering is focused on Bitcoin.
Fidelity Investments, whose assets are currently managed to the tune of $ 2.4 trillion, could potentially open the BTC market to more than 27 million customers. Such a measure would provide additional institutional exposure to the cryptocurrency ranked first.
Abigail Johnson has to do something with every #bitcoin it undermined: fidelity will offer #Cryptocurrency Trading in a few weeks https://t.co/QMrgqJ9szs
– David Kudla (@ David_Kudla) May 6, 2019
In 2018, the company announced the launch of Fidelity Digital Assets, a secure cryptocurrency storage platform.
As reported by Bitcoinist On Friday, May 3, 2019, a research study commissioned by the company also revealed a growing appetite for institutions for cryptocurrencies.
Dominant institutions flock to Bitcoin trade
Fidelity will join a growing group of institutional players who are beginning to offer Bitcoin trading services. In the past two weeks, reports from leading brokers such as TD Ameritrade and E-Trade were preparing to offer BTC trading services.
An asset under management of about $ 4 trillion from the three companies all wants to engage in BTC trading. Comments such as "Bitcoin is a bet" seem at best misinformed.
Unlike e-commerce, Fidelity's plans seem to fit only institutional investors. As reported by Bitcoinist E-Trade plans to deploy BTC and ETH trading on its 5 million customers.
These reports come at a time when BTC is experiencing a positive evolution and potentially reinforces the optimism about the asset class. Bitcoin is up more than 50% since the beginning of the year.
The highest-rated cryptocurrency followed its positive price trend in April 2019, with a strong beginner in May to the present day. Even the $ 850 million Tether / Bitfinex case referred to by the Attorney General of New York did not undermine the dynamics of the BTC.
Will more investment companies and brokers join the Bitcoin Institutional Trader? Let us know your thoughts in the comments below.
Images via Twitter @ David_Kudla, Shutterstock
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