Yesterday occurred something that, in our opinion, is much more important for the development of the cryptocurrency market than even the excellent news a week ago (about the Yale foundation and the first full-fledged asset management license in Switzerland). One of the largest investment groups in the world, Fidelity, announced the creation of the Fidelity Digital Asset Services division, an institutional platform for investing in cryptocurrency. They will provide trading and storage services for hedge funds, family offices and «other market participants». Running in operation mode is scheduled in early 2019: https://on.mktw.net/2QUQeOJ
If anyone does not know, under the supervision of Fidelity (management, administration, depository services) is 7.2 trillion dollars (data from Barron’s). It is difficult to find a more conservative and more regulated structure. However, they decided to take this step. They did it not spontaneously (hippos do not like sharp movements at all), but after an internal survey, which was conducted among their many institutional investors. 70% of them said they believed in the development of blockchain technologies and, as a result, in the emergence of a new class of assets. After that, the company decided that the game is worth the candle, spent 4 years researching the issue and yesterday came out with this statement about the creation of a special «daughter» (there are already 100 employees, according to the CEO). Absolutely business step, if most of your clients need it, then either you give them this service, or you lose a client. But with an important caveat, if Fidelity, after 4 years of studying the issue, nevertheless came to the conclusion that “a crypto is a scam,” we are sure they would have curtailed the project and would have found a way to explain it to customers. But instead, the company decided to be the first of the “Big Companies” to enter new territory.