According to a report published by Bloomberg on the 6th of May, the financial services giant, Fidelity Investments is due to launch its crypto trading services soon.
Although Bloomberg did not name the source, the information originated from a person ‘familiar with the matter’ who points to a Bitcoin trading option that will be available within the next few weeks. Unlike other brokerages such as Robinhood and E Trade Financial Corp, Fidelity will only service the needs of institutional customers instead of retail clients.
In an email to Bloomberg, Fidelity spokesperson Arlene Roberts said:
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.
The news comes shortly after a survey was published by Fidelity which questioned 441 institutional investors. Of which 72% said they prefer to buy investment products that hold digital assets, while 57% choose to buy them directly. It was also highlighted that 22% of investors already have exposure to these assets whilst another 40% stated they are open to involvement within the next 5 years.
Fidelity is no stranger to the financial markets and has over 50 years of trading experience under its belt. The company currently has a $18 Billion revenue stream and a reported $7 Trillion under asset management.
The number of financial institutions looking to offer cryptocurrency services has grown steadily over the past 24 months, but Fidelity appears to have taken a ‘first-movers’ advantage with its recent developments.
The crypto market has been anticipating the introduction of an institutional buyers-market and it may soon begin through Fidelity. Whether it will make a difference remains to be seen.