In exciting news for cryptocurrency investors, Fidelity Investments is looking to expand its institutional cryptocurrency portfolio asset platform being offered to industry clients. The trading services will now include the top five to seven cryptocurrencies by market capitalization.
Revealed at the Block FS conference in New York, news came from Tom Jessop, head of Fidelity Digital Assets, concerning what other cryptocurrencies may be added to the platform launching next year:
“I think there is demand for the next four or five in rank of market cap order. So we will be looking at that,”
Aside from Bitcoin and Ether, these asset offerings could include XRP, XLM, BCH, EOS, and LTC. The new division undertaking this trading platform has been named ‘Fidelity Digital Assets’ and will provide a market-critical platform for the trading of cryptocurrencies and consulting services, with 24/7 access. The validation and legitimacy that such a respected industry stalwart brings to cryptocurrency trading can only be positive.
Demonstrating the incredible demand for these digital assets, Jessop’s went on to discuss how Fidelity is taking a ‘customer-driven approach’, and that their 13,000 institutional clients are interested in Bitcoin and Ether because of their dominant market share. Importantly, the goal of the new platform is to make digital assets like Bitcoin more accessible to traditional investors.
Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $7.2 trillion. What effect this trading desk and liquidity will have on the price of the top 5-7 cryptocurrencies remains to be seen, but with a combined market cap of ‘just’ $131 billion, the injection of significant financial capital into these cryptocurrencies is likely to be profound.Leave a comment