Fidelity is ready to launch its crypto products: how they will impact on crypto market?

Much excitement has been building since the large American financial services firm Fidelity Investments first announced back in October that they were building a cryptocurrency trading and custody platform. They are now almost ready to launch their Fidelity Digital Assets Exchange. Fidelity Investments is an investment management company that was established back in 1945 as a mutual fund company. Over the years, they have become synonymous with providing a vast plethora of financial services in regards to wealth management and fund distribution, alongside offering solid investment advice. They are now getting closer to diversifying into the digital assets industry.

Fidelity Investments announced in a blog on Medium on Jan 31 that they are now in the ‘final testing and process refinement periods’ for their new platform, which is being launched by their new company, Fidelity Digital Assets. At this moment in time, the firm has been working in tandem with a small handful of clients to initially help build the platform and to lay the foundation for a long-term plan to offer crypto solutions to institutional investors.

When the financial investment giants first announced their plans to launch Fidelity Digital Assets and the trading platform back in October 2018, it raised a few eyebrows. Fidelity talked about how they were focusing on attracting institutional investors and how the platform wouldn’t be open to everyone. Because Fidelity only focused on institutional financial markets, their exposure to the crypto-sphere was almost non-existent up until last year. But as the cryptocurrency sector began to see exponential growth in 2017 and early 2018, they were receiving more and more calls from investors interested in taking a chance on cryptocurrency.

‘Final Testing’ Phase: Fidelity Nears Launch of Cryptocurrency Trading & Custody Platform, CCN, Feb 01