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Fidelity plans launch of Bitcoin custody for March
Reports were reported Tuesday that Fidelity Investments, the Boston-based financial giant with billions of dollars in badets under management, has revealed that its crypto-centric subsidiary, Digital Asset Services (FDAS), is considering launching its Bitcoin Guard (BTC) service in March.
LATEST: Fidelity is targeting a launch date in March of its Bitcoin daycare service, according to three people familiar with the issue, https://t.co/IjaZm93aQ3.
– Bloomberg Crypto (@crypto) January 29, 2019
According to the report, which quotes three people close to the case, the guard service, a flagship product of the FDAS, announced for the first time in mid-October, will only support the flagship cryptocurrency. The Ethereum guard (ETH) will supposedly be put into service if the launch of Bitcoin succeeds, corroborating the previous reports on the subject. In response to rumors, Fidelity issued a statement on its crypto-friendly offer, while remaining nebulous enough to reveal no details. The company said it "serves a limited set of eligible customers" as it continues to develop and strengthen its cryptography offerings. Fidelity spokespersons elaborated, writing:
In the coming months, we will make thoughtful contacts with potential customers and prioritize them according to need, jurisdiction and other factors.
This breakthrough came just weeks after several reports revealed that Wall Street's demand for this nascent badet clbad had begun to decline. According to exclusive reports from The Block, Blockchain.com and Coinbase, two of the world's most popular cryptocurrency companies, have recently left their vacancies vacant, with company sources stating that these events resulted from a decrease in demand from non-citizens. – funds / companies crypto-natives.
However, experts like Mike Novogratz, Brian Kelly, as well as dozens of credible commentators on Crypto Twitter, say that the FDAS custody service could encourage thousands of the company's institutional clients to invest capital in cryptocurrencies and in the ecosystem in general. In an interview with Bloomberg, Novogratz pointed out that the depository service could potentially spark mbadive renewed interest in Bitcoin among the biggest stars of Wall Street.
Reactions of the crypto community
When this news was announced, the biggest commentators of crypto have turned mbadively to Twitter to discuss the role that this development could play in this sector in the near future. Bully Esq, a popular trader and a Twitter character, cleverly reminded his tens of thousands of followers of FIdelity's management. more than 2 trillion dollars of badets, an amount equivalent to France's GDP for 2018. It was probably in reference to the "FOMO" that the company could catalyze once its conservation department will be put into operation.
Friendly reminder that Fidelity manages more than $ 2 billion of badets.
For reference, this is roughly equivalent to France's GDP for 2018. pic.twitter.com/vUKqX66fiz
– Ully esq. (@BullyEsq) January 29, 2019
Sicarious, a semi-retired crypto trader, said Philakone "was silently silent on this Fidelity news," suggesting that the market could eventually fuel this pro-Wall Street development.
Phil distracts you all as he quietly pbades in his news of Fidelity. Wake up, it's a trick!
– sicarious (@Sicarious_) January 29, 2019
Joseph Young, a prominent crypto journalist, said the planned date for launching the inaugural FDAS product in March would mean "institutions would be in demand".
If Fidelity decided to launch Bitcoin custody by the end of the first quarter, this would mean some demand from the institutions.
Blockchain, Coinbase and other companies have been laid off by corporate account managers. Refreshing to see Fidelity moving forward. pic.twitter.com/BO4eAcAGOc
– Joseph Young (@iamjosephyoung) January 29, 2019
So, do not get me wrong, the underlying growth of the cryptography industry is not slowing even in spite of the Bitcoin price crash.
Title Image provided by Chris Li via Unsplash
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