Reports are coming out that Fidelity Investments is preparing to launch its crypto trading services in the upcoming weeks, marking an important step in the space as far as institutional investment goes.
Fidelity will begin helping institutional clients buy and sell Bitcoin in the coming weeks.
Eventually every financial services company will do this.
If Bitcoin achieved $100+ billion market cap without institutional interest, imagine what happens when the smart money joins.
— Pomp 🌪 (@APompliano) May 6, 2019
Bloomberg first reported the development, with a source close to the entity telling the publication that it will happen in “a matter of weeks” and that the bitcoin trading service is aimed at institutional customers.
Fidelity spokeswoman, Arlene Roberts. told Bloomberg in an email,
We currently have a select set of clients we’re supporting on our platform. 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 arrival of Fidelity’s crypto services has been a major talking point since it was announced. Like Bakkt, investors and experts alike believe that the arrival of crypto services for big money players would mark a change in perception of the market, and perhaps spur retail investors who have been on the fence about digital asset investment to enter the market.
Fidelity recently released the results of a survey that showed institutional investment was growing.