Bitcoin News

Coinbase caught in Fidelity’s crosshairs

Fidelity Investments – the Boston-based multinational financial services firm – has announced it is to amplify its custody and trading services for cryptocurrency assets.

The firm, with $2.8 trillion in assets under management, moved into Bitcoin in 2014 after setting up a $200,000 mining facility “for fun”. However, after seeing ‘serious potential’ in digital assets, it is now looking to ramp up its offering.

The announcement is a clear signal that one of the world’s most respected financial establishments has nailed its colours to the mast over the future of cryptocurrency.

Abigail Johnson – Fidelity’s CEO – today went on record as saying the cryptocurrency industry “is not going away”.

“As long as the value is there,” she told the Financial Times this morning, “people will look to preserve that value.”

Johnson explained that Fidelity had begun adding clients to their database at the start of this year as they expect people to begin to increasingly embrace digital assets.

She added that she anticipated a full cryptocurrency service from such an established institution would be a shot in the arm for an industry perceived to be complex and disjointed.

A determined doubling of their efforts in the crypto space will be coupled with the development of a raft of new products and services as Fidelity attempts to open up its digital assets offering to the masses.

After recently revealing it had also filed an application with the New York State Department for Financial Services to establish itself as a limited-purpose trust, it became clear the firm is also looking to target companies like Coinbase as natural rivals in the industry.

 

Darren Parkin

Darren Parkin is a highly experienced, award-winning editor with a background in daily newspapers. Once the UK’s youngest newspaper editor, he has spent more than three decades as a journalist, presenter and broadcaster. He was one of the first people to join the Coin Rivet team, and can often be found hosting, chairing or moderating cryptocurrency and blockchain events throughout the world. Away from the office, he is an outdoors instructor and adventurer. He recently set a world endurance record during a canoe expedition.

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