Fidelity Investments new cryptocurrency company will begin to offer trading in a few weeks.
in October. The new company began a custody service to securely store Bitcoin for its customers in March, CNBC reported. Now, they 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. But it alsoForty-seven percent of institutional investors think digital assets are worth investing in, according to a survey released by Fidelity on May 2. Further, of the 450 institutions interviewed by Fidelity for research for its new company, everyone from wealthy families to hedge funds to pensions, 22% of respondents already owned a cryptocurrency.
Since the Bitcoin boom in 2017, the world's largest cryptocurrency has dropped more than 60 percent since its high of almost $20,000 at the end of 2017 and was trading near $5,703 on Monday. Fidelity is only offering the crypto trade to institutional customers. Rivals like Robinhood and Etrade Financial Corp. are taking on retail investors.
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