$7.2 Trillion Worth Asset Manager Fidelity Will Help Investors Buy Crypto

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.