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Fidelity Digital Asset Is Finally Engaged in a Full Rollout of Its Services

Coinspeaker Fidelity Digital Asset Is Finally Engaged in a Full Rollout of Its ServicesAs promised, Bitcoin custodian Fidelity Digital Asset Services (FDAS) is “now engaged in a full rollout” of its custody and trading services, spreading from the limited trial users in the platform’s final test stage.Financial Times reported that by building up its crypto custody business, the focus of the company is to profit from the shortage of classically and traditionally regulated institutions as are banks and other more conservative custodians.Investment group’s CEO Abigail Johnson said that this is a high aim regarding that each day there are more and more new digital assets created.Boston-based Fidelity has $2.8 trillion of assets under management and the launch of Fidelity Digital Assets was announced already in autumn last year with a promise of “enterprise-quality custody and trade execution services” for hedge funds, family offices and financial advisers dabbling in cryptocurrencies.The company started filling its client portfolio at the beginning of the first quarter and now is fully engaged.Johnson said:“If you’re either interested or technically adept, then it’s not really that big of a deal, but compared to everything else that you do in terms of financial relationships that you have with either a bank or a brokerage firm . . . it’s just more nascent. It’s just not developed.”Johnson positioned herself as a CEO back in 2014, and she says that in her opinion, Fidelity cryptocurrency custody service should be “one big selling point, pointing to stories of thumb drives lost and holders passing away without sharing their digital keys with relatives.”“There are people out there with significant amounts of wealth in cryptocurrencies, probably Bitcoin, and they’re looking for somebody to hold those coins for them because in the event of their passing — which is going to happen at some point or another — you’ve got to have a plan to be able to get those coins to somebody else,” added she.Johnson took  cryptocurrency exchange Coinbase that has billions of dollars worth of digital assets stored for its customers for an example. Last year it founded its own custody business for third parties.However, as per Johnson’s words, “Coinbase is still a company that most people had never heard of, and they don’t have the existing relationships with the independent advisers.”From Fidelity Digital Assets they said the company filed an application to operate as a limited-purpose trust company with the New York State Department of Financial Services, that enables it to serve an even wider set of institutions.Johnson admits that, at first, Fidelity’s experiments in cryptocurrencies and blockchain were  “just for fun”. However, afterward, the company started to explore some other options including setting up a small Bitcoin mining operation back in 2014 that cost $200,000.Johnson says that some people in the finance department were laughing at them at times, but eventually, Fidelity settled on custody as the optimal base and got the support that was counted in a number of requests from existing financial adviser clients who now wanted to use the company’s infrastructure for their customers’ crypto investments.Even though there is still a lot of skepticism on cryptocurrencies, Johnson says that there is a pretty profitable business to be done in this sector.“It’s not going away. As long as the value is there, people will look to preserve that value,” said the CEO.Fidelity Digital Asset Is Finally Engaged in a Full Rollout of Its Services

Fidelity, a $2.46 Trillion Asset Management Company, Rolls Out Crypto Custody Solution

One of the largest asset managers in the world, Fidelity has rolled out its crypto custody solution. A Boston-based mutual fund that has about $2.46 trillion assets under management last year announced the launch of a separate company Fidelity Digital Assets, with the goal to offer trade execution and institutional custody services. Now, the company […]
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“Full Rollout”: Fidelity Opens Up Bitcoin Business to Billions

As you likely well know, Bitcoin (BTC) hasn’t been doing too hot as of late, losing 45% of its year-to-date high of $14,000. Despite this unfortunate downturn, which came after many were calling for Bitcoin to “moon,” many remained committed to the cryptocurrency vision. Fidelity Expands Bitcoin Operations Revealed in a report published by the Financial Times on Friday morning, Fidelity Investments — one of the world’s largest financial services giant that has long dabbled in Bitcoin — revealed that it is ramping up its cryptocurrency operations. Fidelity Digital Asset Services (FDAS), the firm’s cryptocurrency division launched late in 2018 (a year ago now), is “now engaged in a full rollout of its custody and trading services for digital assets,” the report noted citing Fidelity’s pro-Bitcoin CEO, Abigail Johnson. Related Reading: Crypto Tidbits: Bitcoin ETF Denied, Libra Loses Visa & eBay, SEC Crackdown on Telegram’s Blockchain It isn’t clear to what extent this full rollout is taking place. But, considering FDAS was only serving a select set of clients for much of 2019, this new report may imply that the firm may be looking to offer Bitcoin custody and trading solutions for its thousands of institutional clients that have billions, even trillions under management. We Don’t Need Institutions Where We’re Going While much of this industry’s focus has been on institutions, it is important to note that this subset of investors isn’t the end all and be all of cryptocurrency. Far from, really. Related Reading: Crypto Fund Manager: Few Family Offices Actually Own Bitcoin Directly Speaking to CNBC’s “Power Lunch” panel last week,  Lou Kerner, a partner at fund Crypto Oracle and a former Goldman Sachs analyst, argued that Bitcoin doesn’t need institutions to succeed and rocket higher, citing the fact that a majority of the asset’s adoption has been caused by people like you or me, not bankers. Kerner even went as far as to say that the institutions will be the followers in this market, not the trailblazers like they normally are. He isn’t kidding. An analysis from Twitter user “BitcoinEconomics” recently found that Bitcoin’s 2017 bull run from $1,000 to $20,000 “was caused by retail buyers”, as made evident by the growth in the holdings of addresses with small holdings. Yet, Kerner in the CNBC interview did admit near the end of the segment that institutions will eventually make a true foray into this market, claiming they will be attracted to cryptocurrencies like apples are attracted to the ground due to gravity. Featured Image from Shutterstock “Full Rollout”: Fidelity Opens Up Bitcoin Business to Billions was last modified: October 18th, 2019 by Nick ChongThe post “Full Rollout”: Fidelity Opens Up Bitcoin Business to Billions appeared first on NewsBTC.
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This week, Redditors not only followed the jumps of the rates, but also discussed such sign events as: Roger Ver talks about US Government, BCH founder tries to convey the importance of Bitcoin Cash, more businesses are switching to accepting cryptocurrencies, Fidelity takes a step forward… All that hot threads you can read in our Reddit-digest

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$100K Bitcoin Price Valuation | Stock To Flow Model? Electroneum ETN | Tron TRX Poloniex

Less than 3 million $BTC left to be mined. Bitcoin halving in 208 days. When can you expect a 100k BTC - Real Vision Interview with Plan₿ Response to Above Model Bitcoin Halving to Push Market Cap Into the Trillions? Bitcoin as a Savings Technology Poloniex finds new backing led by Tron’s Justin Sun Electroneum ETN is Testing BETA App for AnyTasks Platform Sign up for Altcoin Buzz FREE Newsletter: CRYPTO.COM MCO $50 REWARD Sign up for eToro ----------------------------------------------------------------------------------- Visit our website: Connect with us on Social Media: Twitter: Facebook: Telegram: ---------------------------------------------------------------------------------- Looking for the best cryptocurrency wallets? Check these out: BitLox: CoolWallet S: Trezor: Ledger Nano S: KeepKey: Read about them here: -------------------------------------------------------------------------------- #bitcoin #cryptocurrency #altcoin #altcoins #crypto #BTC #ETH $BTC #bitcoinprice #ethereum #electroneum #cardano #enjin #hpb #digibyte #bitcoinnews #btcnews #libra #chainlink #ripple #xrp #xrpripple #binance #bitcoinnewstoday #cryptonews #litecoin #cryptocurrencynews #news NOTE The information discussed on the Altcoin Buzz YouTube or other social media channels is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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Startup Kava Ready To Raise $3 Million Through IEO On Binance

A few days ago, the Binance cryptocurrency exchange announced the Kava (KAVA) token sale on the Binance Launchpad. This is one of the many projects that conducted an […] The post Startup Kava Ready To Raise $3 Million Through IEO On Binance appeared first on UseTheBitcoin.
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Tron [TRX] Up 5% Amid Rumours of Justin Sun Investing in Poloniex

Tron (TRX) has grown 5% in the last 24-hours following rumours of Tron CEO Justin Sun investing in Poloniex’s new digital firm.  Justin Sun May Invest in Poloniex On Friday, cryptocurrency exchange Poloniex announced in a blog post that it was spinning out of Circle and forming another company – Polo digital assets with new backers and a global focus. Among Poloniex developmental plans is focusing on global traders and spending $100M on expanding and developing the platform. Also, US customers will no longer be able to use Poloniex from the next month. According to rumours, one of the new backers of Poloniex is Justin Sun. The unconfirmed news comes from several Circle employees who refuse to be named. According to sources, Justin Sun is leading the Asian investment consortium backing Poloniex’s new company and he visited Circle’s Boston headquarters regarding the same yesterday and today. Justin Sun has not yet confirmed if the rumours are actually true. TRX Up 5% Amid Rumours TRX has grown 5% in a sluggish market in the last 24-hours, and this upward movement seems to have come as a reaction to the news of Sun’s plans of investment. Source: CoinMarketCap Tron began the week at $0.0161. It reached a weekly high of $0.168 on Tuesday, but it could sustain the upward movement for long, and it closed at $0.0157. On Wednesday, it tumbled further and hit $0.0148 before bouncing to $0.152. On Thursday, it plunged to the weekly low of $0.0146, but embarked on an upward movement again, closing at $0.0154. Yesterday, plummeted to a low of $0.0147, but began an upward journey again to reach $0.0155. Today, it rose to $0.0157 to mark a nearly 5% gain in a 24-hour period. At press time, it is trading at $0.0155. Other Developments at Tron Today, Tron announced the details of its association with Huobi Global. Justin Sun tweeted that users would now be able to deposit TRC20-USDT on Huobi with upto 30% Annualized Percentage Rate (APR) interest as a reward. Source: Twitter Today, as an update on its partnership with the sports betting platform,, Tron announced that users would be able to use their TRX to bet on the platform from October 20. The post Tron [TRX] Up 5% Amid Rumours of Justin Sun Investing in Poloniex appeared first on Coingape.
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