Wall Street Officially Enters the Crypto Space

Wall Street Officially Enters the Crypto Space

Fidelity Digital Assets Services LLC, the new standalone branch of Fidelity Investments will open its doors to hedge funds, family offices, and institutional investors; not yet to retail investors

Fidelity Investments has taken the first step for Wall Street to go into the digital asset space. The fifth largest financial services company publicized the launch of Fidelity Digital Assets. According to Abigail Johnson, Chairman and CEO of Fidelity Investments, their utmost aim is investor accessibility to cryptocurrencies.

The timetable for the general availability of Fidelity Digital Assets is set for early next year.

Main Services Offered

A cryptocurrency custody service is one of the amenities the company is offering. The cold storage facilities used by the company are disconnected from the internet and employs software-based security fortifications.

Another offering is trade execution services. Through this service clients are permitted to trade cryptocurrencies at different market venues. No answers are given to the query of which venues are available.

The Birth of the Crypto Company

Plans for Fidelity Digital Assets began middle of last year, with a concept of commercializing a cryptocurrency focused company; tells Tom Jessop, chief of the new digital asset company.

Jessop pronounces the project was brought forth by the early fascination of Johnson to the new asset class.

This is a recognition that there is institutional demand for these asset as a class.

Tom Jessop, head of Fidelity Digital Assets

Other Wall Street Players

It is widely known, in the crypto community, that the Goldman Sachs Group has intentions to follow through their plan for crypto trading desks. Warren Buffet, one of the most successful of investors, has been skeptical, calling Bitcoin a mirage without any intrinsic value.

Talk of the Town

Twitter and Reddit received the news with positivity, though a few still have to be convinced.

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