Fidelity Investments is reportedly taking steps to offer a variation on the cryptocurrency exchange theme. Without an official public announcement, enthusiasts have precious few concrete details on which to hang hope. However, combine the retail legacy asset management company’s long time bullish attitude on bitcoin with what has been revealed this week through internal documents, and the spectre of a whale entering the ecosystem appears to be promising.
Also read: Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions
Fidelity Flexes Muscles in Possible Crypto Exchange Move
Within the corporate world, if there is hesitation on a rollout, or a new product is particularly innovative, novel, trial balloons are floated in circuitous ways, and often to the financial press. Leak the idea to a well read reporter, and watch the broader reaction and reception.
The above planted, note how Business Insider (paywall) let loose juicy tidbits this week regarding an assumed move of Fidelity Investments into the cryptocurrency exchange space. Over two trillion dollars of muscle with closing-in on finishing its 8th decade of operations, it doesn’t come much more whale, much more legacy than Fidelity. Considering too the broader community’s Crypto Winter extending into Spring and not much more happening as it enters Summer, with huge price drops and stubborn lack of real recovery, news of this sort is very much coveted.
Crypto beat reporter, Frank Chaparro, reveals Fidelity internal documents point to the giant financial institution being on the hunt to fill a newly created development operations engineering position, helping to “engineer, create, and deploy a Digital Asset exchange to both a public and private cloud.” There’s also rumor the firm has been mulling such a move for the better part of a year. Documents also
