Recognizing the gaining prominence and unique capabilities of virtual currencies, the multinational financial services corporation, Fidelity Investments continues to build its reputation as a crypto friendly financial firm, aiming to release digital currency products by the end of the year.
Speaking at the recent Boston FinTech Week Conference, Abigail Johnson, Fidelity Investments’ CEO, said the corporation is preparing to launch more cryptocurrency and other services, with the aim of rolling them out before the end of the year.
Not giving much away about what crypto products Fidelity Investments are cooking, Johnson commented:
“We’ve got a few things underway, a few things that are partially done but are also kind of on the shelf because it’s not really the right time.”
“We hope to have some things to announce by the end of the year.”
Fidelity to open a cryptocurrency exchange?
In June this year, the financial investments corporation gave an insight that it was delving into the crypto specter, by posting advertisements looking for software developers to open a cryptocurrency exchange.
Fidelity Investments is the world’s leading investment corporation, boasting more than USD 2.5 trillion of assets under management.
As CNN notes, the news that the leading global investment corp is a crypto friendly financial firm, will be welcome to the cryptocurrency markets, which continue to forecast the entry of large institutional investment within the virtual currency market.
Financial institutions taking tentative steps into the cryptocurrency market
Fidelity Investments is not the only major financial institution to be moving steadily – and somewhat cautiously – forward with cryptocurrency, positioning itself as a crypto friendly financial firm.
Alongside Fidelity, Goldman Sachs and Barclays are making inroads into previously unchartered cryptocurrency water, despite ongoing virtual currency price fluctuations and hazy regulatory frameworks.
The financial giants’ full adoption of cryptocurrencies is unlikely to come overnight.
As Gaspard Coudurier, product manager at BSO writes:
“The evolution of the institutional crypto market will progress, and volumes will grow – and will require significant investment in trading network technology as they do – but it’s important to remember this phenomenon is in its early stage.”
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.