Real Time Cryptocurrency News & Analysis

Fidelity aims to offer trading services for top five-seven cryptocurrencies

Share this article!

Fidelity Investments’ plans for its institutional crypto platform may go beyond the usual suspects Bitcoin (BTC) and Ethereum (ETH).

As reported by industry website Coindesk, the US financial services giant is looking to include trading services for the top five to seven digital currencies by market capitalisation.

“I think there is demand for the next four or five in rank of market cap order. So we will be looking at that,” Tom Jessop, head of Fidelity Digital Asset Services, said today at the Block FS conference in New York, in response to a question from Coindesk.

Fidelity Digital Asset Services, or Digital Currency Assets, was launched by Fidelity last month, with the aim to develop new cryptocurrency solutions such as custody and trading services for institutional investors.

Jessop said today that Fidelity was looking at what its more than 13,000 institutional clients were interested in and, at least for now, BTC and ETH appear to be the most in-demand assets.

“I think when it comes to security tokens or tokens that are likely to be deemed securities, we are waiting for that space to develop,” Jessop said, as quoted by Coindesk. “We have had some interest but we don’t think it’s a groundswell of interest, so our focus is really on the top, call it five-seven, before we start building capabilities for the tail. But I think it will come,” he added.

The launch of Digital Currency Assets last month was celebrated by crypto investors and experts, many of whom had been advocating for the development of a more advanced infrastructure able to facilitate crypto trading on an institutional level.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.