Fidelity previously revealed that it is pursuing blockchain and cryptocurrency-related services, with the goal to release a product as soon as early 2019. To facilitate these products, Fidelity launched Fidelity Digital Asset Services, LLC, which will offer institutional-grade custody and trade execution services for Bitcoin and Ethereum. However, it looks like this list might soon expand.
While speaking at the Block FS conference in New York, head of Fidelity Digital Assets Tom Jessop revealed that the firm is looking to expand its institutional crypto asset platform to include trading services for the top 5 to 7 cryptocurrencies ranked by market cap.
“I think there is demand for the next four or five in rank of market cap order. So we will be looking at that,” Jessop said.
Touching on the subject of alternative digital assets, like utility and security tokens, Jessop stated that Fidelity is currently waiting for the space to develop to see what clients actually need.
“We have had some interest but we don’t think it’s a groundswell of interest, so our focus is really on the top, call it five-seven, before we start building capabilities for the tail. But I think it will come,” Jessop further explained.
Moving forward, it looks like Fidelity is looking to cement itself as the entry point for institutions into the digital asset market, and already has more than 1,300 clients currently interested.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.