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The bearish crypto markets were startled earlier this month when one of the largest asset managers in the world, Fidelity Investments announced its plan to launch Fidelity Digital Asset Services (FDAS). The startup, headed by Tom Jessop, aims to provide crypto custody services for clients. It will also handle trade execution for clients but only with select exchanges. Jessop explained Fidelity’s plans for FDAS in a new episode of the podcast series Unconfirmed and Unchained with Laura Shin.

The company started venturing into cryptocurrencies as early as 2014 when the group was focused on frictionless capital markets. These markets were supposed to make the financial system more cost-effective, efficient and accessible to all. Blockchain was an instant attention-grabber for Fidelity Labs, where research began on this innovative new technology and crypto assets. The firm then ventured into Bitcoin mining and allowed employees to use Bitcoin to pay for cafeteria purchases.

These experiments helped the company to understand the technology in detail after which it finally decided to create FDAS. Jessop noted:

“Our vision is [to provide] institutional brokerage capabilities for family offices, hedge funds, other institutions that are or want to invest in digital assets.”

The new company will also provide top of the line custodial solutions, price discovery support and more. He also said that the company is focused on developing high-quality products to provide market access to users, thereby denying the possibility of an imminent crypto exchange launch.

Jessop said that custody is a cornerstone for FDAS. He mentioned that numerous clients with significant crypto holdings have to self-custody their holdings. Some other customers will not execute orders without a custodian. This leads to “pent-up” demand for these services in the market.

In his closing comments on the podcast, Jessop noted:

“I think we are starting to see an acceleration… I don’t know what phase (innovator, early-adopter, early majority, etc.) we are in.”

He further stated that the launch of Bakkt and news about prominent institutions like MIT, Stanford, and Harvard investing their endowments in cryptocurrencies will make it a “really interesting and transformative asset class… so we can expect more news heading into 2019 that raises the bar and helps growth in the market.”

Despite the bold move by Fidelity into digital currencies, crypto prices failed to make a bullish move. Fidelity and other Wall Street heavyweights gearing up for the crypto markets will have to do a little more to flood the crypto markets.

Fidelity Unveils Its Crypto Ambitions, Predicts Blockchain and Crypto Growth in 2019 in New Podcast was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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