One on the guru companies in the financial sector, Fidelity Investments recently announced that it has plans to roll out a cryptocurrency trading service soon. In one of the recent reports published by Bloomberg on Monday, the writer states that a person who is familiar with the plan confirmed that indeed the financial investment company was planning to roll out a service that will allow customers to trade in bitcoins.
Crypto Trading Service by Fidelity Investments
The verified source also told Bloomberg that the main target audience for this new crypto trading service is institutional investors and not individual customers and retailers. However, the company will continue to work hard to provide the same service to a larger audience in the coming days. The main focus is also on Bitcoin at the time of writing this report, but the company will soon bring on board other cryptocurrencies.
Notably, Fidelity Investment last week published a survey that revealed that institutional investors in the cryptocurrency industry are more receptive of the idea of adding more digital assets to their portfolio. The survey went ahead to state that 22% of investors polled have some exposure to cryptocurrencies and only 40% confirmed that they are open to the idea of investing in cryptos in the next half a decade.
At the moment, Fidelity Investment is managing assets worth more than $7 trillion. Last year, the company introduced a cryptocurrency custody service and hired a former head of digital asset project from Barclays Investment Bank to manage this facet of the company.
The decision to start offering custodian services was informed by the increase in number of conventional or rather traditional financial institutions who are in dire need of cryptocurrency custody service that is reliable and efficient. Other notable companies that are rumoured to be preparing to start offering custody services to crypto investors include TD Ameritrade and E Trade Financial. Already, Robinhood, a mobile stock trading app, has already started offering cryptocurrency trading services and the plan to hold an initial coin offering is underway.
Cryptocurrency trading service by Fidelity Investment will be a game changer. Institutional investors who rely on the services offered by the company will most likely jump in and start trading in cryptocurrency. The influx in investment will help grow the industry and even encourage governments that are yet to embrace the technology to do so soonest.