Fidelity to Launch Ethereum Trading and Custody Following Influx of Crypto Hires

The financial services giant Fidelity is putting more money in cryptocurrency-related services, despite the recent market downturn. President Tom Jessop has confirmed that the firm will start developing services for cryptocurrencies besides Bitcoin, such as Ethereum trading. Unphased by the Bear Market As reported by the Wall Street Journal, Fidelity Digital Asset Services plans to hire 110 engineers with blockchain expertise. It will also bring 100 customer service specialists to the team. The new hires will have to help launch…

Senator Warren Questions Fidelity Over Plans to Include Bitcoin in Retirement Accounts

Last month, Fidelity announced that it would begin allowing customers to include Bitcoin in their 401(k) retirement accounts. However, as with most things crypto-related, US Senator Elizabeth Warren is highly skeptical of the idea. Questioning Fidelity The senator issued a letter to Fidelity CEO Abigail Johnson on Wednesday, questioning the “appropriateness” of her company’s decision. Warren claimed that cryptocurrencies pose risks of “fraud, theft and loss,” citing the Department of Labor’s warning to 401(k) fiduciaries. The labor department’s warning was…

Fidelity: Bitcoin Is Different From All Other Cryptos

Amid a sea of over 17,000 cryptocurrencies today, Fidelity still considers Bitcoin unique from the crowd. The $4 trillion asset manager recently released a report arguing that Bitcoin is a superior monetary good to all other cryptos. That said, it highlights other cryptocurrencies and chains as thriving in different market niches. Therefore, they are complementary – not competitive – to Bitcoin. Bitcoin is One-of-a-Kind Fidelity’s report – titled “Bitcoin First” – was posted to its site on Monday by Chris…

Fidelity Implores the SEC to Approve Bitcoin ETFs in an Exclusive Meeting

Fidelity investment firm argues that Bitcoin global markets have already reached maturity. The financial firm recently urged the United States Securities and Exchange Commission (SEC) to approve Bitcoin ETFs. Fidelity presented its Bitcoin exchange-traded fund (ETF) to SEC officials on September 8th. The officials present in the private meeting included several SEC officials. Also, six Fidelity firm executives and Tom Jessop – Fidelity Digital Asset President, were also there. Furthermore, the finance executives present laid out reasons SEC regulators should approve EFT. Some of…

Fidelity and Bakkt 2021: Institutional Cryptocurrency Investors

2020 was a very challenging year economically. Data points to a 4.4% shrinking of the global economy during this financial year, the worst such performance since the 1938 global depression. Due to the uncertainty, investors realized the importance of switching their funds into other assets such as precious metals and digital assets.  Crypto's performance bested that of gold, having grown by 65% vs. 20% of the latter from the start of 2020 to September. Fidelity and Baktt, key players bringing…

S&P Dow Jones Indices To Launch Cryptocurrency Indexes In 2021

S&P Dow Jones Indices (S&P DJI) is set to launch a cryptocurrency index in partnership with New York-based digital asset firm Lukka by 2021. This makes it the latest major financial firm to foray into the cryptocurrency industry. According to the press release made today, S&P DJI will use data from Lukka to create indices for over 500 crypto-assets. This data will include Lukka’s aggregated data services Lukka Reference Data and Lukka Prime. Thus S&P DJI clients will work with…