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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Fidelity Becomes First Wall Street Firm to Launch Crypto Branch Trading Desk

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
2 mins read
Bitcoin

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Fidelity Investments has announced that it’s launching a new cryptocurrency trading arm, called Fidelity Digital Asset Services, that will handle cryptocurrency custody and trading for its customers.

Fidelity Investments Announces Fidelity Digital Asset Services

Today, Boston-based asset manager responsible for $7.2 trillion in customer assets, Fidelity Investments, revealed a separate new branch focusing on cryptocurrencies like Bitcoin and Ethereum called Fidelity Digital Asset Services. 

The new subsidiary is the first-of-its-kind among traditional Wall Street firms, and will offer both asset custody and trade execution for institutional investors.

Fidelity Digital Assets will allow institutional investors to trade cryptocurrencies across multiple exchanges that comply with the “Fidelity standard” using its existing internal crossing engine and smart order routing, but stopped short at revealing which exchanges have earned that seal of approval.

Fidelity’s onboarding procedures for counterparties involves a deep dive into an exchange’s regulatory procedures and financial strength, among other analysis.

“We are certainly only going to connect to those counterparties that we feel good about,” explained Tom Jessop, head of Fidelity Digital Assets.

In addition to executing trades for its customers, the new crypto branch will also offer an offline, vaulted cold storage custody solution, that when paired with Fidelity’s traditional security standards, could become the missing link that finally lures institutional investors into the cryptocurrency market.

The lack of both a well-known traditional name entering the space and strong custody solution have long been cited as the two key reasons institutional investors have been hesitant to enter the space.

“We saw that there were certain things institutions needed that only a firm like Fidelity could provide,” Jessop explained. 

The new subsidiary head added that its already working with 13,000 institutional customers.

Fidelity Becomes First Wall Street Firm with Crypto Desk

Fidelity Investments chief executive officer and chairman Abigail Johnson stayed true to her promise that the firm would unveil its cryptocurrency product before the year’s end, adding that Fidelity’s goal “is to make digitally native assets, such as bitcoin, more accessible to investors.”

Fidelity Investments becomes the first Wall Street mainstay to enter the cryptocurrency arena, despite many competitors aggressively targeting the launch of their own crypto trading operations.

Earlier today, rumors spread that Barclays would be ditching their trading desk. Weeks prior, rumors circulated that Goldman Sachs was also ceasing its plans to launch a crypto operation of their own, however, that news turned out to be “fake news.”

Citigroup, Nasdaq, JPMorgan, and many others are all said to exploring cryptocurrency products geared toward luring institutional investors.

Featured image from Shutterstock.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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