Fidelity Investments could open crypto trading desk within weeks
The large asset management firm has been working on the desk for the past year
It’s been a long time coming, but it looks like Fidelity Investments is finally ready to launch its cryptocurrency trading desk. The firm, which is the largest controller of individual retirement accounts in the US, has been talking about a crypto desk for the past year and Bloomberg indicates that it is finally ready to get things rolling.
Fidelity’s desk will target institutional investors, as opposed to retail clients like what is seen by ETrade and Robinhood. A source who didn’t want to be named indicates that the firm believes institutional investors will be more valuable, with over 47% of those surveyed in a recent poll indicating that it’s time to invest in crypto.
According to Fidelity’s Arlene Roberts, “We currently have a select set of clients we’re supporting on our platform. 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 [Core].”
One of the biggest hindrances to further adoption on an institutional level is the lack of standard regulations. This is changing, though, and there is now more stability than what has been seen in the past year. Volatility over the course of 2018 also kept investors away, but, in spite of the recent increase in market prices, the market is still generally less volatile than it was a year ago.
Fidelity offering a crypto trading desk is going to be a strong confidence booster for investors on all levels. It will lead to more institutional investments, as well as retail trading, and will help to further entrench crypto’s place in an economic ecosystem. As has already been forecast, digital currencies will become mainstream within the next five or so years.