The Fidelity crypto custody and trading platform is now live for internal users. Moreover, it has progressively added new clients including family offices and hedge funds for several months.

In terms of our pipeline, prices really haven’t had an impact. If anything, they are as encouraged now as they were when prices were higher.

Fidelity clients aim to hold crypto as long-term store of value and a trading opportunity. It is worth to note that an official statement made by the company in January 2019 explained that:

We are currently serving a select set of eligible clients as we continue to build our initial solutions. Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.

Past reports show that the company has slowed down the offering of Fidelity crypto custodial services to the public. Speaking in March, company stated that 20% of the institutions surveyed plan to increase investments in the crypto market.

We interviewed roughly 450 institutions, everyone from wealthy families to hedge funds, pensions and endowments. Approximately 22% of the respondents already own cryptocurrency, according to the findings. Those that already own it expect to double their allocation over five years.

It is evident that financial institutions, particularly multi-billion dollar corporations, move cautiously into unregulated markets. However, they may move aggressively whenever first mover advantage or significant demand is foreseeable in the nascent market. The efforts of major firms including Fidelity indicate that the digital asset class possesses exponential growth potential.

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