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Fidelity Plans to Expand Crypto Trading to Coins Other than BTC, ETH

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Thu, 11/29/2018 - 18:32
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Yuri Molchan
Fidelity Investments intends to enlarge the scale of trading on its institutional crypto platform by adding over five top coins, apart from Bitcoin and Ethereum
Fidelity Plans to Expand Crypto Trading to Coins Other than BTC, ETH
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On Thursday, a Fidelity member spoke during the Block FS event in NYC, sharing that the platform wants to expand its services on crypto trading by launching from five to seven more coins, major by their market cap, apart from Bitcoin and Ethereum, which are already included. The platform in question is Fidelity Digital Assets (FDA), and the addition of extra coins is planned for next year.

A new Fidelity company

Fidelity Digital Asset Services offers trading services and custody options for BTC and ETH. But now the management team decided to expand this list by adding five or seven other major assets. Which coins they will be is yet to be researched and discussed.

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Fidelity’s New Crypto Product Will Only Target Sophisticated Investors Due to Lack of Regulatory Clarity

Customer-focused approach

Head of FDA Tom Jessop said at the conference that Fidelity is focused on its over 13,000 institutional customers who are keen on working with BTC and ETH, since these coins are top major players by their market capitalization level at the moment. The company does not offer them tokens, since they are most likely to be considered securities, but for now this area seems to be not developed enough for Fidelity’s customers.

In the future, the company may also become interested in small-cap assets, as per Jessop, but not at the moment.

Skilled researchers

Fidelity has done research that lasted several years regarding the crypto and blockchain industry. The company believes in the potential of these two spheres. Tom Jessop, similarly to many other entrepreneurs and financial gurus, believes that the way the story of crypto and blockchain is rolling out is the same as the Internet did once — swiftly and exponentially.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.