Fidelity Launch Digital Assets Wing

Fidelity Launch Digital Assets Wing

Multinational financial services company, Fidelity has officially entered the cryptocurrency market with the launch of its new wing, Fidelity Digital Assets.

When a long-established body in the financial world enters the cryptocurrency market, it is always big news. This is because it helps to further legitimise and stabilise the market as a whole. With the entry of such institutions comes a whole range of new possibilities for those active in the cryptocurrency investment. As such, with the launch of Fidelity Digital Assets this weekend, it has brought with it much excitement due to the large size of the organisation.

As of March 2018, the company managed more than $2.4 trillions worth of assets, making it one of the largest asset managers in the business. Now they are branching out into the digital world, it shows an underlining belief in the industry. Something that will not go unnoticed by investors enduring the current bear market.

Plans for this have been in the making for a while, with moves made last year that indicating their interest in the market. However, news of the official launch finally came via Twitter on Friday, where they explained they would be opening their service to a select few clients and outlined a few of their services.

The tweet stated, “We are live with a select group of eligible clients and will continue rolling out slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investor”.

From this, it implies that the new digital assets wing of their service will be serving the needs of their clients in a day-to-day life nature, and not solely focused merely on online big business. While we await a full roll out to the general public, it certainly seems like a big step in the right direction to the full legitimisation of cryptocurrencies as a financial tool.

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