Tom Jessop, President of Fidelity Digital Assets, has said during the Block FS conference in New York that Fidelity Investments will expand its institutional crypto asset trading platform beyond Bitcoin and Ether. The concerned crypto asset trading platform will reportedly be launched in 2019.
What’s the Announcement?
While answering to a question during the conference, Tom Jessop said that trading services will be available for 5-to-7 largest cryptocurrencies (in terms of market capitalization).
This is a huge announcement because Fidelity is planning to include three to five additional cryptocurrencies, beyond the usual Bitcoin and Ether. Last month Fidelity announced their plan of launching custody and trading services for both Bitcoin and Ether under a separate company called Fidelity Digital Asset Services.
Tom Jessop said:
“I think there is demand for the next four or five in rank of market cap order. So we will be looking at that”
What Else Did President of Fidelity Digital Assets Tom Jessop Say?
During New York’s Block FS conference, Jessop said that Fidelity is currently following a customer-driven approach. He went on to say that over 13,000 institutional clients of Fidelity are interested in both Bitcoin and Ether because in terms of market cap they make up a large part.
President of Fidelity Digital Assets went on to say:
“I think when it comes to security tokens or tokens that are likely to be deemed securities, we are waiting for that space to develop… We have had some interest but we don’t think it’s a groundswell of interest, so our focus is really on the top, call it five-seven, before we start building capabilities for the tail. But I think it will come”
Fidelity’s Involvement with Crypto Asset Domain
Fidelity has a long view on the digital asset class. As they have spent 4-to-5 years in researching the cryptocurrency asset trading domain, they believe in high potential of the underlying technology. President of Fidelity Digital Assets has compared it with the exponential sweep of the internet. Though he acknowledged the fact that cryptocurrency market didn’t fare well in 2018, he highlighted the US$70 million in contributions Fidelity’s charitable crypto donations vehicle raised back in 2017.
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