Fidelity Expands its "Crypto Map" with Bitcoin Trading Platform

Fidelity Investment will begin to launch the cryptocurrency trading platform within a few weeks, according to Bloomberg on 6 May.

Fidelity started its “Crypto Map” with its subsidiary Fidelity Digital Assets launched in October last year. The crypto custody service was then launched in Q1 2019. The person who asked to be anonymous said that Fidelity would join broker firms such as E-Trade Financial Corp. and Robinhood in collaboration to offer cryptocurrency trading service to institutional investors.

The spokeswoman of Fidelity – Arlene Roberts said in an email “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.”

Source: Fidelity Digital Assets

Digital assets seem promising as a new asset class for institutional investors. According to the survey published by Fidelity Investment, 72% of 441 institutional investors preferred investment products that included digital assets, while 57 percent would buy the digital asset directly. The survey further indicated that 47% of respondents believe that digital assets are an innovative technology play, whereas 46% of them believe digital assets have low correlation among other assets. In addition, 74% of financial advisors and 80% of family offices view the characteristics of digital assets most favorably.

Source: Fidelity Digital Assets

Fidelity Digital Assets concluded that institutional investments on crypto are likely to increase over the next 5 years. We believe that more wall street giants will follow suit in the future!