Another institutional giant is preparing to take the step into crypto space. This shows how Wall Street’s view of cryptocurrency has changed.

Investment giant Fidelity: First steps into the crypto world

Boston-based investment firm Fidelity has announced it is hiring engineers to start its own institutional Bitcoin exchange. We already reported a few days ago that the first Wall Street giant will provide a Bitcoin Trading Desk for its 500 customers in a matter of weeks.

It is beginning to emerge that Wall Street recognizes Bitcoin as a legitimate financial product. Whether this may even have any connection with the testimony of the US Securities and Exchange Commission by counting coins that have been financed by crowdfunding as a security and Bitcoin is to be regarded as certain in the context of this classification as safe.

The company Fidelity, manages several trillion dollars in mutual funds. The company, headed by CEO Abigail Johnson, certainly sees potential in Bitcoin. Johnson was quoted at a crypto meeting in May as saying:

“I’m an advocate, I’m one of the few, from a big financial company that stands in front of you and has not given up on digital currencies.”

Currently, a select group of customers can integrate their Coinbase accounts into their Fidelity portfolio so that they can check their digital assets with other financial products offered on the Fidelity platform.

Advantage through crypto acquisition

Whether the upcoming Crypto Exchange will be established within the current platform or separately is not yet known, as the company has not yet released any specific details, including the launch date. Fidelity has already penetrated into crypto space through venture capital investments, and has run its own crypto-mining farm, which CEO Johnson said was “actually making a lot of money.” In addition, the non-profit organization of Fidelity allows to receive donations via Bitcoin. Around $ 22 million could be collected through the payment facility.

Wall Street companies and the regulatory issue

The announcement of Fidelity is another important milestone on the way to the legitimacy of cryptocurrencies. Together with Goldman Sachs and the Susquehanna International Group , institutions like Fidelity could take positions in the crypto market and solve the regulatory problem in the US. Josh McIver, CEO of ULedger, confirmed this possibility to Business Insider as follows: