Fidelity is one of the biggest names in financial services nowadays, and a company that is in the latest daily crypto news on DC Forecasts. The reason why is simple – the $7.2 trillion worth asset manager recently decided to help institutional investors add Bitcoin and other cryptocurrency assets to their multi-billion dollar portfolios.
Fidelity Investments is now the fifth largest asset manager in the world. It proudly works with 27 million clients and $7.2 trillion in customer assets. In the official announcement, it said that it is launching a separate company that will provide cryptocurrency custody and trade execution services to companies.
As CNBC reported, the company will serve as a ‘bridge between institutional investors and the retail-focused cryptocurrency industry’. The CEO and chairman of Fidelity, Abigail Johnson, confirmed this, stating in the press release:
“Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors. We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.”
This new venture will be led by Tom Jessop, who has spent 17 years at Goldman Sachs before joining the blockchain startup Chain as a president in 2017 – followed by Fidelity in 2018 as a head of corporate business development.
“We saw that there were certain things institutions needed that only a firm like Fidelity could provide. We’ve got some technology that we’ve repurposed from other parts of Fidelity — we can leverage all of the resources of a big organization,” Jessop told CNBC.
Earlier this year, the news reported that Fidelity was apparently building a cryptocurrency exchange. At the time, Abigail Johnson attended a cryptocurrency conference and told the audience that she was a “big believer” in the technology.
This will certainly allow Fidelity to position itself among the leaders in the burgeoning crypto market, which is apparently attracting the eyes of major university endowments such as Harvard and Yale.
Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.
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‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
Crypto Exchange OKCoin Expands To Latin America, Launching A Fiat Market
"We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” Buyn said following the official announcement.He also pointed that the Latin American market is extremely important for the exchange as it is for many crypto and blockchain industries.
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