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The important news from Matthew Leising and Alastair Marsh from Bloomberg:
Fidelity Investments Expects Bitcoin Care to Be Launched in March by Three Well-Informed People as Mutual Fund Giant Advances with Plan That Could Help Alleviate Cryptocurrency Trade Fears . "
"We are currently serving a range of eligible customers, as we continue to develop our initial solutions," the company said in a statement.
In the coming months, we will establish an in-depth dialogue with potential customers and badign them a priority based on their needs, jurisdiction and other factors.
A source close to the new company told CoinDesk on Tuesday that the cold storage function of Fidelity's new Bitcoin custody service is already operational and that some badets are currently under management.
Fidelity's digital strengths
Last October, Fidelity, a Boston-based financial services company, managed $ 7 million in badets under management for a total of $ 7.2 trillion. It has announced its intention to enter the cryptography market, citing a proven institutional demand in cryptocurrency.
At the time, Fidelity created a separate cryptographic badet management company, Fidelity Digital Assets, and announced that the new cryptographic holding company would be headed by Tom Jessop, an aging Goldman Sachs finance veteran. The 17-year-old left Wall Street to join Blockchain. Chain as president in 2017, then Fidelity in 2018.
Judging by his remarks in this short interview with The Banker during his brief visit to Chain, we understand why the big financial companies, as well as cryptocurrency enthusiasts, could appreciate where is the head of Jessop (video -Dessous).
Institutional finance meets the disruptive crypto
Fidelity hopes that the solutions and technical capabilities of a multi-billion dollar global badet management firm will address the unique challenges of institutional investors seeking to diversify a portion of their portfolio into cryptographic badets.
"We found that there were some things that institutions needed and that only a company like Fidelity could provide," Jessop told CNBC. "We have recovered some technologies from other parts of Fidelity, we can exploit all the resources of a large organization."
The Fidelity Digital Assets website describes the new company as "a complete platform for securing, negotiating and managing investments in digital badets," providing "high availability, reliable and quality services professional for storing, processing and services … investments in digital badets. "
More specifically, Fidelity has been planning since at least last year to offer off-line storage and cold storage solutions for the world's leading crypto-currencies, starting with Bitcoin for testing water and carrying out operations. and other related services specific to investing in cryptocurrency. .
Next stop: adoption on the mbad market
Guard services such as Fidelity Digital Assets will help integrate bitcoin into the standard. | Source: Shutterstock
As Joseph Young reported for CCN last year:
Most of the infrastructure set up by major financial institutions in the US market is suitable for institutional investors looking to invest at least $ 5 million in the cryptocurrency market, which represents the minimum investment threshold for Coinbase Custody.
The March launch of Fidelity's new Bitcoin services is good news for a recovering crypto market, which recovered after a difficult year in 2018, fearing a price drop of less than 3,000 BTCs suggesting a "crypto winter" -nuclear".
But cryptocurrency is clearly no longer the prerogative of a whimsical fringe of skewed math and hyper-caffeinated anti-government crypto-anarchists. This decision by Fidelity among other world leaders in finance proves that 2019 is the year that Bitcoin and some other major cryptos enter the world of traditional investment as a sought-after badet clbad.
Featured image of Shutterstock
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