Fidelity Investments is only weeks away from launching crypto trading services for its institutional clients, Bloomberg reported on Monday, May 6. The report cited a “person familiar with the matter” who said that the firm’s planned service would involve buying and selling Bitcoin for those customers.
The move represents another step forward by Fidelity into the nascent cryptocurrency markets:
The Boston-based firm, one of the largest asset managers in the world, created Fidelity Digital Assets in October in a bet that Wall Street’s nascent appetite for trading and safeguarding digital currencies will grow. It also puts Fidelity a step ahead of its top competitors that have mostly stayed on the sidelines so far. The firm said in October that it would offer over-the-counter trade execution and order routing for Bitcoin early this year.
The new service offering apparently comes in response to a Fidelity survey suggesting that nearly half of the company’s institutional investors consider crypto assets worthy of investment attention. That survey found that 72 percent of respondents “prefer to buy investment products that hold digital assets.” 57 percent prefer to purchase them directly.
In an email to Bloomberg, Fidelity spokesperson Arlene Roberts said that the company’s future plans are all based on meeting their customers’ needs, and confirmed that Bitcoin has a role to play in that effort:
“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.”