The CEO of Fidelity Investments has confirmed that the asset management behemoth will launch cryptocurrency products by the end of this year. The company, which currently manages over $2.4 trillion in assets, provides fund distribution, wealth management, life insurance, and retirement services.
CEO Abigail Johnson, a longtime crypto bull, recently said that the company would bring new institutional investment opportunities for users in the digital currency markets. It is already working on a few blockchain and cryptocurrency products that will be available in the upcoming months.
What to Expect From Fidelity?
Johnson did not reveal much detail about their projects while speaking at the Boston Fintech Week Conference. But she said:
“We’ve got a few things underway, a few things that are partially done but also kind of on the shelf because it’s not really the right time. We hope to have some things to announce by the end of the year.”
She has been praising cryptocurrencies, claiming in a public address last year that she “loves” Bitcoin. In the public address, she also said that blockchain technology has the ability to alter the structure of the Internet. Johnson’s strong bullish stance on cryptocurrencies sparked the market’s interest in the asset manager’s next steps.
Fidelity’s Previous Crypto Adventures
The large asset manager previously said that the company is involved in cryptocurrency mining. It even has a 15-percent stake in Dash master node company. Even though Johnson seems strongly bullish on digital currencies despite the Wall Street and other prominent financial institutions being uncomfortably oblivious of its benefits, the company didn’t move into the crypto industry quickly.
It started off with crypto mining, which the company said was to understand the emerging sector and its profitability. In 2015, Fidelity Charitable, an independent public charity of the company, allowed patrons to donate in Bitcoins. Since that time, the charity has raised several million dollars, with $69 million donated in 2017 alone. The number was 10 times as high as its 2016 figures.
Johnson commented on the success of the charity:
“That was a surprising hit. It worked out because there were so many people, newly incredibly wealthy through Bitcoin, who were looking to become philanthropists. We made it really easy for them.”
Fidelity is taking careful steps in the crypto market. Johnson said that they built a long list of possible use cases for prominent cryptocurrencies and blockchain technology, but most of the ideas have not survived. She also said that Fidelity is listening to the market now.
4th Largest Asset Manager in the World to Launch Crypto Products by 2018 End was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.