Fidelity moving forward in crypto, will add more products
While some companies have had to push back the anticipated launch of their cryptocurrency solutions, Fidelity Investment is pushing forward. The firm, which is the largest holder of IRA accounts in the U.S., has been expected to launch its crypto trading desk next month and doesn't foresee any reason to postpone the operations. It has also now indicated that it will more than likely include additional digital assets in the very near future.
From the start, the new Fidelity Digital Assets Services arm has said that it would offer custody and trading services for both Bitcoin (BTC) and Ether (ETH). The man tapped to head up the division, Tom Jessop, said this week that there could be other crypto assets added, as well. He explained, “I think there is demand for the next four or five in rank of market cap order. So we will be looking at that."
Fidelity has been working on introducing a crypto platform for the past several years, dumping money into R&D to determine how best to approach the industry. Despite the current market slide, the company is convinced of the long-term benefits of crypto as a valid asset class and believes that the current slump won't last long.
Whether or not Fidelity gets into security tokens remains to be seen. Jessop adds, “I think when it comes to security tokens or tokens that are likely to be deemed securities, we are waiting for that space to develop. We have had some interest but we don’t think it’s a groundswell of interest, so our focus is really on the top, call it five-seven, before we start building capabilities for the tail. But I think it will come.”