Fidelity Investments Inc., announces a new company Fidelity Digital Assets creating a full-service enterprise-grade platform for digitalassets, such as Bitcoin and Ethereum. It is a huge step of any instututional financial company towards cryptocurrency. Fidelity, is a multinational financial services corporation based in Boston, Massachusetts. It is the fourth largest asset manager with $7.2 trillion in assets under management as of October 2018.
Growth of cryptocurrency aka digital asset in past few years is gigantic and has made it an "investable" asset which can be traded across the globe. We have seen unprecedent rise in the begining of 2018. Fidelity Digital Assets believes that just as with stocks, bonds, or commodities, investors will want to keep these assets safe from theft or loss. There are over 2000 crypto coins and tokens, according to CoinMarketCap.com. It may be hard to think of another market that has developed so quick. Fidelity thought this emerging asset class could use additional institutional solutions to enable more development across the community.
“Our goal is to make digitally native assets, such as bitcoin, more accessible to investors,” says Fidelity Investments Chairman and CEO Abigail Johnson.
Fidelity Digital Assets published a white paper explaining why custody services are of paramount importance to institutions and their clients, how financial custody services have evolved, and what all this means going forward for those holding digital assets.
They say, "We’re going back to our roots – the very foundation of our business – to aid the continued development of this emerging asset class."
The need for institutional solution to cryptocurrency is debatable as the core concept is decentralization; yet providing services by traditional financial institutions serves as catalyst to main stream adoption. A few other companies have similar products, but Fidelity is one of the first companies officially providing cryptocurrency solutions such as custody.
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