By CCN: Fidelity, one of the world’s largest investment firms with almost $7 billion customer assets, will reportedly launch a cryptocurrency trading platform “within weeks.” The bitcoin trading service is aimed at institutional investors and will come complete with high-grade custody.
“For the price of Bitcoin, this might be the best news that it’s had in maybe a year or so.”
Breaking: $7 Trillion Asset Giant Fidelity to Launch Crypto Trading “Within Weeks” https://t.co/14w4FhGquv
— CCN.com (@CCNMarkets) May 6, 2019
Fidelity Bitcoin Trading: A Game-Changer for Institutional Adoption
Fidelity’s entry to the crypto market is significant for two reasons. Firstly, the firm’s reputation on Wall Street lends bitcoin a huge nod of trust and confidence. As Leising explains:
“What it tells the broader street is that someone with decades of relationships and trust on Wall Street, Fidelity is kind of throwing its weight behind this and saying ‘hey, we can work with it, you can work with it too.’”
Institutional traders have been notoriously wary of bitcoin thanks to a decade of negative preconceptions. Just this week, bitcoin has been slammed as “gambling device” by famed investor Warren Buffett. And Nobel laureate Joseph Stiglitz called for cryptocurrencies to be shut down.