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Fidelity Expands Its Cryptocurrency Custody Business, Wants to Take on Coinbase

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    Fidelity goes full crypto by rolling out its full-fledged custody service that could encourage more institutions to invest in Bitcoin

Fidelity Expands Its Cryptocurrency Custody Business, Wants to Take on Coinbase
Cover image via www.123rf.com
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Boston-based mutual fund Fidelity Investments, which has approximately $2.46 trln worth of assets under management, is conducting "a full rollout" of its custody and trading services for digital assets, the Financial Times reports

During a rare interview with the leading financial newspaper, Fidelity CEO Abigail Johnson claims that they started dabbling with crypto back in 2014 "just for fun." The company's decision to set up a small start mining Bitcoin in 2014, long before crypto started grabbing headlines in all mainstream media outlets, seemed completely random.

What happened next is history — Bitcoin experienced another major bull run and Fidelity made a lot of money with its mining facility, which only cost $200,000 to set up.

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Bitcoin Price Rally May Start as Fidelity Kicks Off Crypto Trading

Bitcoin Price Rally May Start as Fidelity Kicks Off Crypto Trading

Now, it's not just fun and games, and Johnson is certain that cryptocurrencies are not going away, and people will preserve the value of this nascent market.   

“It’s not going away. As long as the value is there, people will look to preserve that value.”

Cryptocurrency custody seems like a new frontier for Fidelity, and the company is trying to leverage its expertise in order to solve the major pain points of storing crypto. 

“There are people out there with significant amounts of wealth in cryptocurrencies, probably bitcoin, and they’re looking for somebody to hold those coins for them because in the event of their passing — which is going to happen at some point or another — you’ve got to have a plan to be able to get those coins to somebody else.” 

Fidelity's enthusiasm for Bitcoin has been pushing the "institutional money" narrative for more than a year. If the NYSDFS green-lights its application, it will be able to operate as a trust company, thus attracting more institutions. 

When it comes to the crowding custody market, Fidelity is going to face some fierce competition. As reported by U.Today, Coinbase Custody has witnessed exponential growth over the last year, and it now controls about five percent of the total Bitcoin supply after buying its competitor Xapo. 

However, Johnson shrugged off the San Francisco-based rival by saying that this is the company that "most people have never heard of."

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

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    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

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Top Bitcoin Trader on BitMEX Says He's "Long and Strong" as BTC Price Struggles to Hold $8,000

Top Bitcoin Trader on BitMEX Says He's

According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

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Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

Bitcoin Price
image by coinstats.app

Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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