Fidelity’s New Unit to Tap Institutional Investors’ Appetite For Crypto

Boston-based investment behemoth Fidelity is reportedly opening its new crypto unit Fidelity Digital Asset Services, CNBC reports. The newly launched company will allow its customers to store and trade digital assets. The press release states that only Bitcoin (BTC) and Ethereum (ETH), the two biggest cryptocurrencies by market cap, will be available on the platform, but their number is expected to be expanded in 2019.     

Fidelity’s CEO Abigail Johnson claims that they strive to make cryptocurrencies more accessible to investors, adding that they will continue exploring the new asset class. U.Today revealed earlier that Fidelity’s new crypto-related product would only target sophisticated investors. For now, its services will be limited to hedge funds, endowments and family offices.