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What exactly is Bitcoin, and what are the risks involved in using it as a form of payment or as an investment opportunity? Here are some answers to frequently asked questions:
Bitcoin is the first and largest asset in the growing category of cryptocurrency (also known as digital currency). It was originally intended as a medium of exchange that is created and held electronically.
Fidelity Investments’ new cryptocurrency company will offer trading for institutional customers in a few weeks, Bloomberg reported Monday.
Betting that the cryptocurrency bear market will turn around, Fidelity created its cryptocurrency platform Fidelity Digital Assets in October. The new company began a custody service to securely store bitcoin for its customers in March, CNBC reported. Now, it will be letting customers buy and sell the cryptocurrency in the upcoming weeks, according to people familiar with the matter.
Fidelity, a roughly 72-year-old family controlled firm, is primarily known for managing retirement plans and mutual funds.
As you likely well know, Bitcoin (BTC) hasn’t been doing too hot as of late, losing 45% of its year-to-date high of $14,000.
Despite this unfortunate downturn, which came after many were calling for Bitcoin to “moon,” many remained committed to the cryptocurrency vision.
Revealed in a report published by the Financial Times on Friday morning, Fidelity Investments — one of the world’s largest financial services giant that has long dabbled in Bitcoin — revealed that it is ramping up its cryptocurrency operations.
Fidelity Digital Asset Services (FDAS), the firm’s cryptocurrency division launched late in 2018 (a year ago now), is “now engaged in a full rollout of its custody and trading services for digital assets,” the report noted citing Fidelity’s pro-Bitcoin CEO, Abigail Johnson.
It isn’t clear to what extent this full rollout is taking place.
Fidelity Digital Assets (FDAS), the young cryptocurrency trading business of a financial-services powerhouse, expects to sign its first exchange by the end of the year, according to its president Tom Jessop.
As a brokerage, FDAS helps institutional investors get the best deal buying or selling bitcoin from various sources. So far, those have all been over-the-counter (OTC) trading desks.
Financial services giant Fidelity Investments is said to be launching cryptocurrency trading service soon.
A Bloomberg report on Monday, citing “a person familiar with the matter,” said that Fidelity will roll out the service for trading bitcoin “within a few weeks” and will focus on institutional, not retail, customers.
“We currently have a select set of clients we’re supporting on our platform.
For Fidelity Investments, one of the world’s largest asset managers, there was no need to explore the digital currency space. After all, as a recent profile by Bloomberg indicates, the firm earned an astonishing $5.3 billion in operating income in 2017, and the company oversees more than $7 trillion in customer assets. Nonetheless, in mid-October of 2018, Fidelity launched Fidelity Digital Assets, a limited liability corporation designed as a «full-service, enterprise-grade platform for securing, trading, and servicing investments in digital assets,» according to the company’s website. With this new branch, Fidelity entered into the digital currency game in a big way: Fidelity Digital Assets offers offline, cold storage custody solutions, trade execution and other services for the cryptocurrency industry.
We envision a future where all types of assets are issued natively on blockchains or represented in tokenized format. It all begins with a full-service, enterprise-grade platform for securing, trading, and supporting investments in digital assets.
Institutions require highly available, trusted, enterprise-grade services to store, transact, and support their digital asset investments. These capabilities are widely available for stocks, bonds, and other asset types, but have been lacking in this emerging digital asset class.
A glossary of key terms and our insights on the fundamentals of bitcoin, blockchain, and digital assets
Digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with a high risk tolerance. Investors in digital assets could lose the entire value of their investment.
Fidelity Digital Assets and the Fidelity Digital Assets logo are service marks of FMR LLC.