Fidelity Digital Assets, the virtual currency custody wing of investment banking giant Fidelity Investments, is set to introduce cryptocurrency trading within the next few weeks, reported Bloomberg.
With the introduction of cryptocurrency trading by Robinhood and more recently, ETrade Financial Corp, Fidelity is also set to introduce their trading service, geared towards institutional investors and not retail investors, stated a person familiar with the matter. Custody services for Bitcoin by the digital assets wing of the investment banking giant have already been functioning for the past few months.
The investment bank will focus their trade offering only on Bitcoin on a preliminary basis, stated Arlene Roberts, Fidelity spokesperson. She also stated,
“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.”
Fidelity has been a leading light in the institutional charge towards cryptocurrencies, with their digital assets wing launching in October 2018. CEO Abigail Johnson, a vocal proponent of cryptocurrencies stated during the launch that the investment bank had been mining Bitcoin [BTC] and Ethereum [ETH] since 2017.
“I’m one of the few standing before you today from a large financial services company that has not given up on digital currencies.”
Fidelity has been stepping up its game, prior to the launch of its trading platform. Last week, the investment bank hired Chris Tyrer, former head of the digital assets project at rival investment bank, Barclays. This recent hire comes on the heels of it snapping up former Coinbase Director of Institutional Sales, Christine Sandler.
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