Fidelity Investments, the fourth largest asset manager in the world, announced that it is going to launch cryptocurrency products before 2019. The information has been released by its CEO Abigail Johnson. Fidelity manages over $2.4 trillion dollars in assets.
Fidelity Investments Ready to Enter the Crypto Market
Fidelity investment is preparing its entrance to the cryptocurrency market according to its CEO, Abigail Johnson. The company is working in different blockchain and cryptocurrency products and services. Moreover, it is possible to see these products in the market before the year 2019.
During the Boston Fintech Week Conference, Johnson said that they are planning some things for the future and they expect to announce them by the end of the current year.
About it, she said:
“We’ve got a few things underway, a few things that are partially done but also kind of on the shelf because it’s not really the right time. We hope to have some things to announce by the end of the year.”
At the same time, Johnson has also talked very positively about Bitcoin. She said that she loved the asset and the technology behind it because it changes market structures and even the architecture of internet itself.
This shows that one of the most important asset managers in the world is going to enter the crypto market and offer investors new possibilities to diversify their portfolios.
The company has also been involved in crypto mining activities. Moreover, it has reportedly bought 15% stake in Dash and its masternodes. Fidelity Investments tried to understand how the mining world works. Johnson explained that the intention was to learn about the industry rather than making money with these investments.
Back in 2015, Fidelity Charitable allowed philanthropists to donate funds using the famous virtual currency. This independent public charity is part of Fidelity. And indeed, this helped the company raise $69 million dollars in BTC. About it, Mr. Johnson said that it worked because there were several individuals that saw that they had several millions of dollars and wanted to become philanthropists.
She then explained that they started building a list of different uses cases for different cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and other virtual currencies. At the same time, Blockchain technology was also included on the list.
“We were trying to listen to the marketplace and anticipate what would make sense,” she commented.
Some days ago, Morgan Stanley and Merrill Lynch announced that they were thinking about entering the crypto market. There are several other big and important financial institutions trying to be part of this active market.
Fidelity Investment is one of the biggest and most respected financial institutions all over the world. It offers different financial services such as life insurance, wealth management and retirement services. If it continues showing that it’s open towards cryptocurrencies, it may receive a strong support from the community in the future.