{"id":353941,"date":"2018-10-15T20:30:22","date_gmt":"2018-10-15T20:30:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=353941"},"modified":"2019-03-11T20:53:45","modified_gmt":"2019-03-11T20:53:45","slug":"fidelity-becomes-first-wall-street-firm-to-launch-crypto-branch-trading-desk","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/fidelity-becomes-first-wall-street-firm-to-launch-crypto-branch-trading-desk\/","title":{"rendered":"Fidelity Becomes First Wall Street Firm to Launch Crypto Branch Trading Desk"},"content":{"rendered":"

Fidelity Investments has announced that it\u2019s launching a new cryptocurrency trading arm, called Fidelity Digital Asset Services, that will handle cryptocurrency custody and trading for its customers.<\/span><\/p>\n

Fidelity Investments Announces Fidelity Digital Asset Services<\/span><\/h2>\n

Today, Boston-based asset manager responsible for $7.2 trillion in customer assets, Fidelity Investments, revealed<\/a> a separate new branch focusing on cryptocurrencies like Bitcoin and Ethereum called Fidelity Digital Asset Services.\u00a0<\/span><\/p>\n

The new subsidiary is the first-of-its-kind among traditional Wall Street firms, and will offer both asset custody and trade execution for institutional investors.<\/span><\/p>\n

Fidelity Digital Assets will allow institutional\u00a0investors to trade cryptocurrencies across multiple exchanges that comply with the “Fidelity standard” using its existing internal crossing engine and smart order routing, but stopped short at revealing which exchanges have earned that seal of approval. <\/span><\/p>\n

Fidelity\u2019s onboarding procedures for counterparties involves a deep dive into an exchange\u2019s regulatory procedures and financial strength, among other analysis.<\/span><\/p>\n

\n

“We are certainly only going to connect to those counterparties that we feel good about,\u201d explained Tom Jessop, head of Fidelity Digital Assets.<\/span><\/p>\n<\/blockquote>\n

In addition to executing trades for its customers, the new crypto branch will also offer an offline, vaulted cold storage custody solution, that when paired with Fidelity\u2019s traditional security standards, could become the missing link that finally lures institutional investors into the cryptocurrency market.<\/span><\/p>\n

The lack of both a well-known traditional name entering the space and strong custody solution have long been cited as the two key reasons institutional investors have been hesitant to enter the space. <\/span><\/p>\n

“We saw that there were certain things institutions needed that only a firm like Fidelity could provide,\u201d Jessop explained.\u00a0<\/span><\/p>\n

The new subsidiary head added that its already working with 13,000 institutional customers.<\/span><\/p>\n

Fidelity Becomes First Wall Street Firm with Crypto Desk<\/h2>\n

Fidelity Investments chief executive officer and chairman Abigail Johnson stayed true to her promise that the firm would unveil its cryptocurrency product before the year\u2019s end<\/span><\/a>, adding that Fidelity\u2019s goal “is to make digitally native assets, such as bitcoin, more accessible to investors.”<\/span><\/p>\n

Fidelity Investments becomes the first Wall Street mainstay to enter the cryptocurrency arena, despite many competitors aggressively targeting the launch of their own crypto trading operations. <\/span><\/p>\n

Earlier today, rumors spread that Barclays would be ditching their trading desk<\/a>. Weeks prior, rumors circulated that Goldman Sachs was also ceasing its plans to launch a crypto operation of their own, however, that news turned out to be “fake news.” <\/span><\/p>\n

Citigroup, Nasdaq, JPMorgan, and many others are all said to exploring cryptocurrency products geared toward luring institutional investors.<\/span><\/p>\n

Featured image from Shutterstock.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fidelity Investments has announced that it\u2019s launching a new cryptocurrency trading arm, called Fidelity Digital Asset Services, that will handle cryptocurrency custody and trading for its customers. Fidelity Investments Announces Fidelity Digital Asset Services Today, Boston-based asset manager responsible for $7.2 trillion in customer assets, Fidelity Investments, revealed a separate new branch focusing on cryptocurrencies like Bitcoin and Ethereum called Fidelity Digital Asset Services.\u00a0 The new subsidiary is the first-of-its-kind among traditional Wall Street firms, and will offer both asset custody and trade execution for institutional investors. Fidelity Digital Assets will allow institutional\u00a0investors to trade cryptocurrencies across multiple exchanges that comply with the “Fidelity standard” using its existing internal crossing engine and smart order routing, but stopped short at revealing which exchanges have earned that seal of approval. Fidelity\u2019s onboarding procedures for counterparties involves a deep dive into an exchange\u2019s regulatory procedures and financial strength, among other analysis. “We are certainly only going to connect to those counterparties that we feel good about,\u201d explained Tom Jessop, head of Fidelity Digital Assets. In addition to executing trades for its customers, the new crypto branch will also offer an offline, vaulted cold storage custody solution, that when paired with Fidelity\u2019s traditional security standards, could become the missing link that finally lures institutional investors into the cryptocurrency market. The lack of both a well-known traditional name entering the space and strong custody solution have long been cited as the two key reasons institutional investors have been hesitant to enter the space. “We saw that there were certain things institutions needed that only a firm like Fidelity could provide,\u201d Jessop explained.\u00a0 The new subsidiary head added that its already working with 13,000 institutional customers. Fidelity Becomes First Wall Street Firm with Crypto Desk Fidelity Investments chief executive officer and chairman Abigail Johnson stayed true to her promise that the firm would unveil its cryptocurrency product before the year\u2019s end, adding that Fidelity\u2019s goal “is to make digitally native assets, such as bitcoin, more accessible to investors.” Fidelity Investments becomes the first Wall Street mainstay to enter the cryptocurrency arena, despite many competitors aggressively targeting the launch of their own crypto trading operations. Earlier today, rumors spread that Barclays would be ditching their trading desk. Weeks prior, rumors circulated that Goldman Sachs was also ceasing its plans to launch a crypto operation of their own, however, that news turned out to be “fake news.” Citigroup, Nasdaq, JPMorgan, and many others are all said to exploring cryptocurrency products geared toward luring institutional investors. Featured image from Shutterstock.<\/p>\n","protected":false},"author":517,"featured_media":352751,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12436,5651,3,13625],"tags":[],"class_list":["post-353941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-and-tech","category-bitcoin","category-news","category-ethereum"],"acf":[],"yoast_head":"\nFidelity Becomes First Wall Street Firm to Launch Crypto Branch Trading Desk<\/title>\n<meta name=\"description\" content=\"Fidelity Investments has announced that it\u2019s launching a new cryptocurrency trading arm that will handle custody and trading for its customers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Fidelity Becomes First Wall Street Firm to Launch Crypto Branch Trading Desk","url":"http:\/\/uniquehot.com\/news\/fidelity-becomes-first-wall-street-firm-to-launch-crypto-branch-trading-desk\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/fidelity-becomes-first-wall-street-firm-to-launch-crypto-branch-trading-desk\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/10\/Abra-Index-Token.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/10\/Abra-Index-Token.jpg?fit=1000%2C668"},"articleSection":"AI and Tech","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":[],"dateCreated":"2018-10-15T20:30:22Z","datePublished":"2018-10-15T20:30:22Z","dateModified":"2019-03-11T20:53:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Fidelity Becomes First Wall Street Firm to Launch Crypto Branch Trading Desk\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/fidelity-becomes-first-wall-street-firm-to-launch-crypto-branch-trading-desk\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/fidelity-becomes-first-wall-street-firm-to-launch-crypto-branch-trading-desk\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2018\\\/10\\\/Abra-Index-Token.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2018\\\/10\\\/Abra-Index-Token.jpg?fit=1000%2C668\"},\"articleSection\":\"AI and Tech\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[],\"dateCreated\":\"2018-10-15T20:30:22Z\",\"datePublished\":\"2018-10-15T20:30:22Z\",\"dateModified\":\"2019-03-11T20:53:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/10\/Abra-Index-Token.jpg?fit=1000%2C668","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/353941"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=353941"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/353941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/352751"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=353941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=353941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=353941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}