One of the largest asset managers in the world, Fidelity Investments intends to start trading cryptocurrencies in the interests of institutional clients “within a few weeks,” Crypto News tweeted, citing a Bloomberg and source familiar with the situation.
“We currently have a select set of clients we’re supporting on our platform,” Fidelity spokeswoman Arlene Roberts said in en email. “We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.”
— Crypto News (@PaveIt_) May 6, 2019
As explained by the head of Fidelity Digital Assets Tom Jessop, the service will not be available to retail customers, and the firm will act as an agent in the cryptocurrency market, which will take over the functions of working with exchanges and the risks of administration.
Last week, Fidelity published the results of its study, which showed that 22% of institutional investors are already involved in working with cryptocurrencies.
Jessop also reported that hard forks could be a reason that would prevent some cryptocurrency from listing on their platform, pointing to Ethereum as an example.
Featured image credit: Fidelity