Fidelity Investments launches crypto trading for certain clients
The world’s largest manager of retirement funds has gone live
It’s been a long time coming, but it looks like Fidelity Investments is finally getting its cryptocurrency trading platform off the ground. According to a tweet by the company last Friday, it said that it has gone live, even though its services will only be available to a “select group of eligible clients” as it continues to roll out the platform slowly.
Fidelity’s new Fidelity Digital Assets division doesn’t target retail investors. Rather, it seeks to bring more institutional investors to the space and its solutions are focused “on the needs of hedge funds, family offices, pensions, endowments, other institutional investors.” However, the inclusion of retail investors might come in the future based on “facts and circumstances.”
According to the head of Fidelity Digital Assets, Tom Jessop, “We’re currently supporting bitcoin, we have designs to support other coins over the balance of the year center to various criteria including our [in-house selection framework], where we obviously look … at client demand and other things.”
Fidelity is expected to be joined by Bakkt at some point this year. The companies are most likely glad they didn’t launch last year, given the long crypto winter, but the time is right to begin introducing the platforms. The crypto winter is virtually over and the erratic market fluctuations are behind us. Jessop rightfully points out that those who invested in a crypto fund at the height of the market are most likely suffering now, while those who got involved a year ago are “probably hurting right now.”