Fidelity Investments’ new cryptocurrency arm is now up and running. The unit, Fidelity Digital Assets, began operations earlier this quarter but didn’t make any noise about it. It has already started offering trade execution and crypto custody services to institutional investors such as hedge funds and private wealth management firms.
Bear Market – What Bear Market?
Tom Jessop, who heads Fidelity Digital Assets, told CNBC that the so-called crypto winter hadn’t affected the rolling out of operations at the new unit. Weak prices have also failed to put a damper on the company’s institutional cryptocurrency offerings, he stated.
“In terms of our pipeline, prices really haven’t had an impact. If you started a crypto fund at the height of the market you’re probably hurting right now,” Jessop was quoted as saying, on Mar. 8. Fidelity Investments first announced the creation of its cryptocurrency subsidiary last October.
However, since the announcement, bears have continued to dominate the market. Last year, bitcoin core lost more than 80 percent of its value, skidding from a peak of almost $20,000 to $3,879 as of this writing.
In 2019, prices have