Fidelity Investments, a financial invesment titan, is expected to to launch cryptocurrency trading service soon.
According to a Bloomberg report at the beginning of the week, Fidelity will present bitcoin trading service for institutional customers “within a few weeks”.
Arlene Roberts, Fidelity spokeswoman, declared 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.”
Based on a survey published by Fidelity, institutional investors are adding more and more digital assets to their portfolios.
More specificially, cryptocurrency has already been included in the portfolios of 22% of the over 400 survey participants.
Although Fidelity did not specify the time period, it is implied that the company would integrate more with cryptocurrency.
What is Fidelity?
Fidelity is a Boston based investment management firm that has over 26 million customers, $7 trillion in total customer assets, and more than $2.4 trillion in global assets under management.
“Fidelity Investments is a privately-owned investment management company that was established in 1946 as a mutual fund company.”
It offers services such as fund distribution and investment advice, wealth management, life insurance, retirement services, and securities execution and clearance.
How it Will Affect the Price?
Fidelity is a well known investment firm that has $7 trillion value. It will definitely make an impact to the market. Moreover, it can draw the attention of other big institutional investors.
Furthermore, as we all see clearly, blockchain technology and its potential are growing every single day.
On the other hand, Bakkt is also preparing for the launch which can affect the price in a good way. Bakkt’s main offering will be Bitcoin futures and clearinghouse for a single day, Bitcoin contracts for physical delivery.
There is also a possible Bitcoin ETF decision that can really boost the price.
Personally, I am waiting for a big bull run and a new ATH (all time high) at the end of this year.