Fidelity, United States – based investment firm is reportedly planning to roll out bitcoin (BTC) trading for institutional clients in the coming weeks, as reported by the Bloomberg on May 6.
The publication cited a source who wished to be anonymous, revealing that Fidelity Digital Assets, a cryptocurrency-focused spin-off by Fidelity will be adding to the existing range of services. Launched in October 2018, Fidelity Digital Assets started offering cryptocurrency custody from March this year ahead with a selected group of clients.
As per the source, Fidelity’s trading side will go live within a few weeks and will be primarily targeted at large-volume traders like other OTC offerings. Though Fidelity itself did not confirm the time frame, it has had been hinting that its future direction would only involve more integration with the bitcoin space. Spokeswoman Arlene Roberts told Bloomberg:
“We currently have a select set of clients we’re supporting on our platform. 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.”
Just last week, Fidelity revealed a survey conducted by them that inferred an increased appetite for bitcoin. From over 400 institutional investors who responded, 22% stated that they already own cryptocurrency as part of their portfolio and almost half are seriously considering the possibility. Fidelity Digital Assets president Tom Jessop commented in an accompanying press release:
“More institutional investors are engaging with digital assets, either directly or through service providers, as the potential impact of blockchain technology on financial markets — new and old — becomes more readily apparent.”
Image source – Pixabay.com
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