Bitcoin [BTC]: Fidelity’s announcement is the biggest announcement this year, says One Alpha CEO

Yaniv Feldman, Founder, and CEO of One Alpha, spoke about Fidelity’s step in the cryptocurrency market and the path it is paving for the institutional investors, in an interview with CNBC Crypto Trader. He also spoke about the difference between Fidelity’s announcement and Yale Univesity’s announcement about entering the cryptoverse.

Earlier this year, Fidelity Investments, the third largest asset management company in the world, announced the launch of Fidelity Digital Assets. The main agenda is to make Bitcoin [BTC] and other cryptocurrencies more accessible to institutional investors. The market speculates that the platform will be launched early next year.

Feldman admitted that this is the biggest announcements of 2018 in terms of “crypto institutionalization” in the last 3 months. This includes Intercontinental Exchange’s Bakkt, which is set to launch next month, TD Ameritrade’s investment in ErisX, a cryptocurrency exchange, which is expected to offer cryptocurrency trading from Q2 2019. Feldman said:

“… Fidelity being the third largest asset management company in the world with 7.2 trillion dollars assets under management, it’s definitely, you know, the big institution that everyone has been waiting for and it’s not, you know, just investing in something. We’re pulling in a joint venture, it’s actually creating a subsidiary completely focused on providing digital asset services .”

The CEO further spoke about the difference between Fidelity’s announcement and Yale Univesity’s announcement. Earlier this month, Yale University, an Ivy League university, also invested in a cryptocurrency fund, Paradigm, helping the platform raise over $400 million.

Feldman opined that Yale has invested in a cryptocurrency fund which invests in cryptocurrency, stating this as a “second level”. Whereas, Fidelity is stepping in the market directly and is providing services which range from custodial for institutions to execution services. He went on to say:

“…where they’re gonna execute trade trade orders for institutions across multiple exchanges and on top of that you’re going to provide multi-tier advisory and support services for institutions going into the game meaning that institutions or Fidelity’s biggest customers now trying to find their way into crypto are gonna get on hand training and advisory services directly from fidelity which is basically the entire toolset an institution would need to get into the game”

The post Bitcoin [BTC]: Fidelity’s announcement is the biggest announcement this year, says One Alpha CEO appeared first on AMBCrypto.