{"id":401777,"date":"2019-10-18T16:15:36","date_gmt":"2019-10-18T16:15:36","guid":{"rendered":"https:\/\/wncen.com\/?p=401777"},"modified":"2024-06-11T08:08:29","modified_gmt":"2024-06-11T08:08:29","slug":"full-rollout-fidelity-opens-up-bitcoin-business-to-billions","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/full-rollout-fidelity-opens-up-bitcoin-business-to-billions\/","title":{"rendered":"“Full Rollout”: Fidelity Opens Up Bitcoin Business to Billions"},"content":{"rendered":"
As you likely well know, Bitcoin (BTC) hasn’t been doing too hot as of late, losing 45% of its year-to-date high of $14,000.<\/p>\n
Despite this unfortunate downturn, which came after many were calling for Bitcoin to “moon,” many remained committed to the cryptocurrency vision.<\/p>\n
Revealed in a report published by the Financial Times<\/a> on Friday morning, Fidelity Investments \u2014 one of the world’s largest financial services giant that has long dabbled in Bitcoin<\/a> \u2014 revealed that it is ramping up its cryptocurrency operations.<\/p>\n Fidelity Digital Asset Services (FDAS), the firm’s cryptocurrency division launched late in 2018 (a year ago now), is “now engaged in a full rollout of its custody and trading services for digital assets,” the report noted citing Fidelity’s pro-Bitcoin CEO, Abigail Johnson.<\/p>\n It isn’t clear to what extent this full rollout is taking place. But, considering FDAS was only serving a select set of clients for much of 2019, this new report may imply that the firm may be looking to offer Bitcoin custody and trading solutions for its thousands of institutional clients that have billions, even trillions under management.<\/p>\n While much of this industry\u2019s focus has been on institutions, it is important to note that this subset of investors isn\u2019t the end all and be all of cryptocurrency. Far from, really.<\/p>\n Speaking to CNBC\u2019s \u201cPower Lunch\u201d panel last week, \u00a0Lou Kerner, a partner at fund Crypto Oracle and a former Goldman Sachs analyst, argued that Bitcoin doesn\u2019t need institutions<\/a> to succeed and rocket higher, citing the fact that a majority of the asset\u2019s adoption has been caused by people like you or me, not bankers.<\/p>\n Kerner even went as far as to say that the institutions will be the followers in this market, not the trailblazers like they normally are.<\/p>\nRelated Reading: Crypto Tidbits: Bitcoin ETF Denied, Libra Loses Visa & eBay, SEC Crackdown on Telegram\u2019s Blockchain<\/a><\/h6>\n
We Don’t Need Institutions Where We’re Going<\/strong><\/h2>\n
Related Reading: Crypto Fund Manager: Few Family Offices Actually Own Bitcoin Directly<\/a><\/h6>\n