How Fidelity Bitcoin Custody Launch In Q1 Crucially Shows Institutional Demand Still Exists (CCN.com)
On January 30, Bloomberg reported that Fidelity, the world’s fourth-largest asset manager, is set to launch its Bitcoin custody service by the end of the first quarter of 2019.
“We are currently serving a select set of eligible clients as we continue to build our initial solutions. Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors,” Fidelity’s statement read. The focus on Bitcoin custody and institutional investors by Fidelity Investments comes in a time during which major companies in the cryptocurrency sector in the likes of Blockchain and Coinbase are shifting to retail customers.
Blockchain, the most widely utilized Bitcoin and Ethereum wallet platform, also saw Jamie Selway leave his position as global head of institutional markets as the demand from institutional investors for cryptocurrencies reportedly declined.
Fidelity’s ambitious approach in targeting the institutional market in a period wherein an increasing number of companies are moving away from it shows the asset manager is confident in its ability to lure in institutional investors into the cryptocurrency market.
“Large financial institutions are more focused on proper market structure than short term price fluctuations. How do we properly value digital assets? How do we custody digital assets? Are their ETFs available with proper market and investor protections? Most large institutions do not really care if Bitcoin ends 2019 at 3,000 or 10,000,” he said.
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Related story:Fidelity May Formally Launch Its Crypto Custody Service in March (coindesk.com)
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