Fidelity’s plan to monopolize the cryptocurrency market seems more ambitious than previously thought, because asset management companies hope to provide more institutional channels for digital assets.
In a recent interview with The Boston Globe, Chrstine Sandler, Head of Sales and Marketing of Fidelity Digital Assets, Say Institutional interest in encryption is growing. For most investors, the main entry point for cryptocurrency is Bitcoin (Bitcoin) And, to a lesser extent, ether (Ethereum).
According to Tom Jessop, head of Fidelity Digital Assets, the pandemic is the main driving force for investors to finally enter the cryptocurrency space:
“What really discourages people is the pandemic, because you have this scarce asset class-you will only create 21 million bitcoins-and our currency devaluation and a lot of money printing environment.”
It’s no secret that most people corporate investor For the first time this year, he participated cautiously in the crypto market.The interest of the institution mainly stays in the purchase Direct Ethereum or BitcoinFidelity Investment seems to be one step ahead, aiming to be the first to provide investors with the infrastructure needed to directly enter the crypto market.
In March of this year, Fidelity submitted an S-1 document to the US Securities and Exchange Commission to formally seek approval for its Bitcoin ETF called Wise Origin Bitcoin Trust. At the end of July, Fidelity acquires 7.4% of the shares In Marathon Digital Holdings, a North American crypto miner worth US$20 million.
Fidelity also created its own professional venture capital unit called Devonshire Investors, which invests in cryptocurrency startups such as ErisX, Talos, and Coin Metrics.
The growing customer demand for access to crypto investment opportunities has fueled the company’s crypto ambitions. Similar trends have been observed in major institutional funds and banks in the United States and the world.As Cointelegraph recently reported, Bank of America JPMorgan Chase now provides clients with access to six crypto-specific fundsAfter initial criticisms of digital assets, companies such as BlackRock, Goldman Sachs, and Citibank also Expressed a more positive view of Bitcoin. At the same time, a recent survey by Nickel Digital Asset Management, a London-based cryptocurrency fund, revealed that Most wealth management institutions are expected to increase their risk exposure Encrypted in the next few years.