Fidelity Investments May Launch Crypto Products …
Fidelity Investments May Launch Crypto Products By The End Of The Year
Fidelity Investments CEO Abigail Johnson said her company is working on several blockchain and cryptocurrency products and may present them by the end of the year.
During her speech at Boston Fintech Week on Friday, Johnson refused to provide details of the company’s work in the cryptocurrency space, but her statement may serve as another indicator that Fidelity is one of the most crypto-friendly large financial institutions..
Talking about Fidelity’s plans to expand into the crypto space, Johnson said, “There are several things that are on the way, a few things that are partially ready, but are still on the shelf because their time has not yet come. We hope to be able to announce something by the end of the year “.
In June, rumors surfaced that Fidelity might develop its own cryptocurrency exchange. At the same time, it was reported that the company showed interest in finding a manager who will manage its new cryptocurrency fund. None of these assumptions have been confirmed by Fidelity..
Fidelity Charitable’s charitable arm raised nearly $ 6 million in cryptocurrency donations in just the first six months of 2017. According to Johnson, Fidelity Charitable’s success stems from the fact that they made a new class of crypto entrepreneurs feel like philanthropists..
Johnson also noted that the company is indeed exploring the possibilities of blockchain and cryptocurrencies and often changes its views in the process, but it primarily prioritizes the needs of the market..
“We started to compile a long list of use cases for Bitcoin, Ethereum, other cryptocurrencies, or pure blockchain technology. We have abandoned most of them or postponed them to a later date. What is left is not quite what we expected. We tried to listen to the market and understand what would be most appropriate, ”she added..
Despite the growth of the cryptocurrency sector, the CEO of Fidelity notes that her company does not see an opportunity to completely replace traditional financial services with electronic services and will proceed from this premise in the future..
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