For so long, the bigwigs in Wall Street have shied away from the crypto industry. Some of the big players in the financial sector have been critical of Bitcoin and other cryptocurrencies, with some saying that Bitcoin in unviable as a store of value.
However, this sentiment seems to be finally washing off as some of the market heavyweights that shunned cryptos in the past are now looking to step into the coin market.
Just recently, JP Morgan Chase announced plans to launch its own in-house cryptocurrency called JPM Coin. What’s more interesting in this development is the fact that in the past, the bank was strongly anti-cryptos.
The most recent institution to join the crypto bandwagon is Fidelity Investment, a large asset management firm with over $7 trillion assets under its management.
Fidelity Investment is currently drawing plans to launch a crypto trading service. Announcing the new plan, Fidelity Investment clarified that for the moment, the service will only cover Bitcoin. However, the firm hopes to introduce more crypto assets in the future. The firm plans to launch the trading platform and start offering the service within the coming few weeks.
Institutional Grade Service
Since cryptos entered the market, it hasn’t attracted a lot of institutional funding. However, the entry of large traditional banks and other financial institutions into the crypto space could work to change that.
This would boost the interest of various crypto entities and loop in more institutional investors. In fact, despite it being a Wall Street big shot, Fidelity Investment aims to provide its service only to institutional investors.