Fidelity Investment, the world’s largest asset manager, will launch a bitcoin trading service for institutional clients in the coming weeks, Bloomberg reported.
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The service was developed by Fidelity in cooperation with securities brokerage firm eTrade and Robinhood. eTrade is a well-known Internet broker in the United States with more than 5 million customers, and Robinhood is a US financial unicorn, the main feature of which is the provision of commission-free stock trading.
Fidelity Investments currently manages 7.4 trillion of dollars in assets, and in addition to managing savings assets for 30 million people, it also provides employee benefit programs for 22000 of businesses, Providing investment and financial technology solutions to 13,500 non-bank financial institutions and financial advisory firms.
Fidelity will only offer bitcoin trading services to institutional clients, rather than retail investors served by eTrade and Robinhood, people familiar with the matter told Bloomberg.
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Fidelity has been a strong proponent of trading in crypto-assets over the past four years, thanks to its continued research and involvement in the industry. Abby Johnson, fidelity’s chairman and chief executive, has said publicly: “our goal is to make digital native assets like bitcoin more acceptable to investors.”
From November 26, 2018 to February 9, 2019, fidelity surveyed more than 400 institutional investors nationwide to further determine their interest in crypto assets. These include pension funds, family offices, digital and traditional asset hedge funds, financial advisers and endowments.
Research results show:
72% of people are willing to buy investment products that hold digital assets
57% of people are willing to buy encrypted assets directly
57% of people are willing to buy investment products from companies that hold digital assets
The findings form the bottom of Fidelity’s eventual stretch of reach into encrypted asset trading.
“Investors should keep a close eye on this progress, and although Fidelity may not be the first service provider to encrypt asset-related products, it is likely to be the biggest,” said Greenspan, a senior market analyst at eToro.
In terms of customer characteristics, institutional clients are more mature and more funded than retail customers, with lower risks in anti-money laundering, anti-terror financing, etc. (which means easier management, lower compliance risk) – an important reason for fidelity to launch a range of agency-oriented services.
In addition, compared with other crypto assets, bitcoin has a higher sense of value identity in the crypto community and the whole crypto asset trading field, and has shown a higher ability to repair than other crypto currencies in a bear market, and its market share almost always accounts for more than 50% of the whole crypto asset market.