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- The platform is currently scheduled to market Bitcoin and Ethereum
- The company says that the addition of new coins is in response to the needs of their customers
- The entry of institutional players could increase the value of the criptos
Fidelity Investments is considering adding the top five or seven cryptocurrencies to its new Digital Asset Services platform. The platform currently markets Bitcoin and Ethereum.
Fidelity could list the first 4-5 coins
The head of Fidelity Digital Assets Tom Jessop told reporters on the sidelines of New York's Block FS Conference on Thursday, November 29, 2018, the company will probably add XRP, Stellar, Bitcoin Cash, EOS and Litecoin. He has declared:
"I think there's a demand for the next four or five in terms of market capitalization, so we'll see it."
Jessop stated that the company initially chose the first two coins, Bitcoin (BTC) and Ether (ETH), courtesy of their market capitalization and brand recognition. He added that when adding new coins to their stable, they paid close attention to the needs of their customers and whether the coins in question "could be considered as a security".
The company presented Fidelity Digital Assets last month and, according to the division manager, already has over 13,000 customers. he he told CNBC being a legacy leader; Loyalty is strategically positioned exploit its experience and technology to strengthen the world of cryptocurrency. He added:
"We saw that there were some things needed by institutions that only a company like Fidelity could provide.We have a technology that we have replicated from other parts of Fidelity.We can exploit all the resources of a large organization."
Fidelity, the fourth largest global wealth manager, has over $ 6.8 trillion in customer assets and a customer base of over 27 million, whose entry into the Crypto world last month should not be taken lightly. Embracing cryptocurrency is a big problem since it will store and exchange digital currencies for institutional clients whose criptovalute appetite is growing, unlike Bitcoin futures that are settled in cash.
The financial giant recently said that he did chosen to enter the cryptosphere to meet the changing needs of its customers. The change could not have happened overnight and must be the result of meticulous research and planning.
While the recent market crash has meant that many skeptics paint Bitcoin and other cryptocurrencies as an almost risky sub-culture, the entry of financial giants particularly paints bitcoins and digital currencies in general as a serious investment.
Given the poor performance of the cryptocurrency market in recent weeks compared to a year ago, it is expected that the influx of institutional investors will increase its value. As trusted names such as Fidelity, caretaker issues, Crypto is likely to attract a new customer base.
