Fidelity Investments, one of the largest investment firm has entered the crypto market by acquiring about 15 percent stake in Neptune Dash, a public traded company that offers fractional Dash Masternode ownership. Dash is hoping this will help them in price stability, boost user confidence and adoption.
Fidelity owns 15% stake in Neptune Dash
According to Dash Force News, the first sub-DAO (Decentralized Autonomous Organization) community project by Dash reported that Fidelity investments own stakes in Neptune Dash that offers Dash Masternode ownership.
Fidelity Investments is the fourth largest asset manager in the world with $2.4 trillion assets under management as of December, last year. Fidelity has been creating a lot of buzz in the crypto market by showing their interest in the crypto market for quite some time.
However, looks like finally, it has entered the market and that too through the world’s 14th largest cryptocurrency Dash.
Fidelity actually owns 15 percent stake in Neptune Dash, a publicly traded company that offers “the perfect way for investors to invest in the Dash ecosystem through a regulated and publicly traded company.”
Dustin Zinger, the Investor Relation Manager at Nepute Dash has been quoted as saying,
“Fidelity took part in our convertible debentures which resulted in them owning 11% of the company at the time of going public on January 22nd, 2018. Between January 22nd, 2018 and March 9th, 2018 Fidelity increased their position to 14.93%.”
Merits to Dash: Price stability & increased adoption
However, later on, Fidelity “increased their holdings through purchases in the open market”.
Moreover, when looking for investment Neptune Dash also went to Fidelity
“Originally they were one of the funds we approached during our initial go public funding roadshow. We cannot speak for the motives of Fidelity but we can assume they wanted exposure to the cryptocurrency space.”
Fidelity has always been favorable to cryptocurrencies with the rumors of the firm even planning a cryptocurrency exchange. It is also reportedly looking to expand its crypto exposure as they had a job posting for a developer to work on custody service for cryptocurrencies.
The news further stated,
“this will provide Dash with more market exchange price stability and will increase users’ confidence; the combination of which will further increase Dash adoption.”
For the past, some time institutional investors have been showing increased interest and taking a potential step forward. Though in a small way and not a direct crypto exposure, Fidelity Investment has made a significant step towards cryptocurrencies.
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