Fidelity Digital Assets, a crypto-focused subsidiary of $7 trillion U.S investment firm, Fidelity Investments, has revealed it will soon roll out Bitcoin (BTC) trading for institutional clients, Bloomberg reported Monday.
Citing an anonymous source familiar with the matter, Bloomberg confirmed that the proposed trading is set to kick off in a few weeks from now and will basically focus on large-volume traders in the same manner as its OTC products.
As per the report, Arlene Roberts, a spokeswoman for Fidelity noted that Investment platform Fidelity, currently have a select set of clients who can use the platform, perhaps referring to the institution-focused nature of their business
“We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin,” she added.
Meanwhile, Coinfomania reported the imminent launch of Fidelity Digital Assets back in October with high hopes that the trading venue will see more institutional involvement in the cryptocurrency industry.
Following the unveiling of the subsidiary its President Tom Jessup, expressed confidence that the startup will offer a secure and world-class crypto trading solution that meets the need of institutional traders.
“These institutions require a sophisticated level of service and security, equal to the experience they’re used to when trading stocks or bonds,” Jessup said then.
Uninterestingly, the latest Bloomberg report did not indicate a possible timeframe for the rollout, but only seemed to confirm that the development will take place sooner rather than later.
Bakkt, another startup targeting institutional investors is also closer to its launch having submitted a license with New York regulators and acquired digital asset custody startup, DACC.