Fidelity to Roll Bitcoin Trading Service For Institutions Within Few Weeks

Wall Street Investment Firm Fidelity to Roll Institutional Bitcoin Trading Within Few Weeks 

Fidelity to Roll Bitcoin Trading Service For Institutions Within Few Weeks

A Wall Street investment giant, Fidelity investment is reportedly launching its institutional bitcoin trading within a few weeks.

It was first reported by Bloomberg by citing a source who is familiar with the matter. Earlier this year, Fidelity investment had first launched its Bitcoin custody service which is up and running. Fidelity Asset Management is the crypto-based service arm of Fidelity which was first created in October. It will let Fidelity ahead of its Wall-street competitors. However, during the same time, the firm said that it would offer OTC trade execution.

Nevertheless, a survey report from Nov-Feb states that there is 72 percent of institutional clients who prefer to trade bitcoin with investment products wherein 57 percent reveals to buy digital assets directly. Per the reports, there are specified clients which Fidelity will offer bitcoin trading service to.

Without adding the specific date and by just mentioning ‘a few weeks’, the report highlight statement from Arlene Roberts, Fidelity’s spokeswoman;

“We currently have a select set of clients we’re supporting on our platform,” Fidelity spokeswoman Arlene Roberts said in an email. “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.”

Also Read: Fidelity Investors Prefer Not Only Bitcoin But Cryptocurrencies As Whole: Survey Report

Moreover, in another report, Tom Jesspt, head of Fidelity Digital Assets says that the firm will purely act as the agent – adding that he says ‘it is what Fidelity’s client wanted from the firm’. Mr. Jessop added;

Our clients want to avoid the issues associated with funding on multiple exchanges, both administrative risk, or otherwise, they want something resembling the best price experience, and so we’ll try to do that by bringing liquidity providers, and other sources of liquidity onto our platform. I think effectively a smart order router, or logic, that would interrogate the market, find the best better offer, and allow the client to execute at that price.”

What do you think about Institutional investors getting into the emerging crypto market? Do you think it will influence the value of Bitcoin and crypto market at large.? Let us know.

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Fidelity to Roll Bitcoin Trading Service For Institutions Within Few Weeks
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Fidelity to Roll Bitcoin Trading Service For Institutions Within Few Weeks
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A Wall Street investment giant, Fidelity investment is reportedly launching its institutional bitcoin trading within a few weeks.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]