- The Boston Based Mutual Fund Giant , Fidelity , with $2.8 trin. assets has secured a license from NYSDFS, Reuters reports.
- The CEO of Fidelity, Abigail Johnson, stated that they would have a stronghold in the growing Cryptocurrency Custody Niche given that the most financially wealthier in crypto have minimal options for stocking their riches.
The Boston Based mutual fund giant , Fidelity , with $2.8 trin. assets has secured a license from NYSDFS, Reuters reports.
At present Fidelity, after getting the green light from the New York regulator, can now operate as a limited purpose trust company, providing Bitcoin trading and custody services to its state based clients.
The CEO of Fidelity, Abigail Johnson , stated that they would have a strong hold in the growing cryptocurrency custody niche given that the most financially wealthier in crypto have minimal options for stocking their riches. The claim was made in a rare interview with the Financial Times. Johnson also claimed that most people are not aware of Coinbase , which currently controls more than five percent of all bitcoin in circulation.
Apart from that, The President of Fidelity Digital Assets , Tom Jessop, claims that , the company has more Traditional Investors and that they are receiving stronger demand and greater diversity of client types.
The significance of the Company’s Bitcoin plans can be ascertained from its expansion move to New York, the State with the toughest regulations. Only 23 crypto companies have managed to secure the prestigious license so far.
Fidelity will, now, be able to get in touch with the wealthiest institutional investors that are located in the world’s financial capital.
Galaxy Digital CEO Mike Novogartz opined that , Fidelity’s offer to provide an opportunity to its 26 mln users to buy Bitcoins directly will be the most bullish thing that could happen to the industry.
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