The president of Fidelity Digital Assets, Tom Jessop, is in the Ethereum latest news for announcing that the firm may finally add support for Ether (ETH) in 2020 if there is enough demand for it. The cryptocurrency trading arm of the United States financial services giant Fidelity has unveiled its plans recently in an interview with the industry news outlet TheBlock published on December 13.
As Jessop said in the interview, Fidelity Digital Assets may support Ether in the future. He said:
“We’ve done a lot of work on Ethereum. We intend to support it in the New Year. We’re very led by our clients.”
As one of the key people in the organization, Jessop also said that the main obstacles to institutional crypto adoption are price volatility, lack of regulatory clarity and perhaps the absence of track record. He fully explained that he believes these problems will be alleviated with time and said:
“Meaning like, ‘How do I know that if I buy this thing, it’s gonna be around tomorrow? Like what indicia of durability or longevity do I have based on the fact that the history of this asset is 10 years old?’ I think many of these things solve themselves with time.”
Meanwhile, Fidelity Digital Assets’s cryptocurrency trading and custody platform launched with only a couple of clients in March this year. As the cryptocurrency news showed at the time, the platform is not meant for retail investors – instead, the main clients are hedge funds, family offices, pensions, endowments as well as other institutional investors.
In October this year, the personal investing president at Fidelity Digital Assets Kathleen Murphy said that the firm does not offer cryptocurrencies on retail trading platforms – all in order to protect its clients from the marketplace which is full of risk nowadays.
All in all, the recent update about ETH coming to Fidelity is one more proof that institutions are changing and that that institutional adoption has already started and is at full steam. As we reported earlier this year, Ether futures could certainly be the next thing which could drive crypto market expansion.
Meanwhile, today’s market updates show that Ethereum (ETH) is safely locked at $143 with a bearish momentum.
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