Fidelity Digital Assets, a new company created by the investing giant last year, is already working with wealthy families and hedge funds on cryptocurrency trading and custody.
An ongoing cryptocurrency bear market is not dampening interest for Fidelity's new institutional cryptocurrency products.
Bitcoin, along with thousands of other digital coins, sparked a buying frenzy among retail investors in late 2017. The world's largest cryptocurrency has dropped more than 80 percent since its high of almost $20,000 at the end of 2017 and was trading near $3,789 on Friday. Jessop said while the company is live, certain aspects are still a work in progress. Fidelity is expanding the jurisdictional coverage of where it can do business. And its offerings are not one-size-fits-all. Some customers were using the platform in January, while for other customers, it was March. Others may wait until September, he said.Fidelity, a roughly 72-year-old family-controlled firm, is known for managing retirement plans and mutual funds. But it also spends $2.
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