RELATED DIGITAL ASSETS INSIGHTS:
Crypto Industry Entering New Era as Institutional Traders Get Invested – Cointelegraph
Institutional interest in digital assets is growing as major financial players continue to enter the cryptocurrency space.
Appeal Of Digital Assets Growing Among Global Institutional Investors, Fidelity Says – Financial Advisor Magazine
Digital assets such as Bitcoin are gaining popularity among institutional investors in the U.S. and abroad, according to a survey by Fidelity Digital Assets.
- Fidelity Digital Assets has seen its book of business for its custody and execution offerings grow since the beginning of the year
- At the same time, the firm has been talking to hedge funds about a new service that would introduce them to big capital allocators
- Meanwhile, the firm has made two key hires, including a new CTO
by Frank Chaparro for The Block
Fidelity Digital Assets has been building out its team and is now appears poised to expand its suite of product offerings, The Block has learned.
The crypto-focused subsidiary of $7.9 trillion asset manager Fidelity has seen an increase in interest in its existing products from investors “across the board,” according to a spokeswoman. Fidelity Digital Assets offers a custody service for bitcoin as well as an execution service, which helps institutional investors trade bitcoin in large size.
Since the beginning of the year, ongoing market turbulence and fears around impending inflation drove new interest from traditional investors, the firm has said.
Fidelity Digital Assets has ambitions to expand its business outside of custody and execution, according to people familiar with the process. A spokeswoman said the firm “routinely in discussions with market participants to understand the needs in the market to help inform our product roadmap. Our current product offering includes custody and execution services.” [READ MORE]