How institutional investors are embracing cryptocurrency

In early October of this year (2018), financial services giant Fidelity announced its plan to enter the cryptocurrency space with a separate company called Fidelity Digital Asset Services. The 72-year-old firm’s newest arm has since launched and now provides cryptocurrency custody and trade execution to institutional investors.

“Our goal is to make digitally native assets, such as Bitcoin, more accessible to investors. We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use,” said Fidelity’s Chairman and CEO Abigail Johnson in a press release.

Fidelity’s entrance into the crypto sphere is representative of a broader trend in the industry. Blockchain technology and digital currencies are increasingly being recognised as permanent and viable alternatives to traditional assets and…