January 27, 2023

Fidelity will open its cryptocurrency exchange by the end of the year

Fidelity will open its cryptocurrency exchange by the end of the year

The cryptocurrency division of the holding company Fidelity Investments announced plans to launch its own exchange before the end of this year.

Currently Fidelity Digital Assets (FDAS)is a brokerage firm offering large investors to perform over-the-counter transactions with bitcoins. Despite having its own platform, digital assets were sold and bought from various third-party sources.

However, the head of FDAS Tom Jessop said that the company intends to open an exchange, perhaps before the end of the year. This will expand the market presence, going to retail investors, and increase the liquidity of small transactions.

Fidelity Digital Assets is one of the fewdivisions of large American companies that seek to popularize crypto assets among institutional investors. The Bakkt trading platform launched by the Intercontinental Exchange also works in this direction.

Although FDAS does not disclose its customer base, butclaims to collaborate with hedge funds, investment companies, family offices, and one private pension fund. Management also says that more investors are planning to enter the market in the first quarter of 2020. In fact, on the eve of bitcoin halving.

Recall that recently Bakkt announced the development of a consumer application for paying for everyday goods with cryptocurrency.