Fidelity Digital Assets president Tom Jessop said that ETH support would only be added if there was sufficient client demand.
When Fidelity Digital Assets (FDAS) was launched in early 2019, offering custody services and tools for institutional traders and investors, the firm’s services started and ended with the support of Bitcoin. However, FDAS president Tom Jessop told The Block’s Frank Chaparro that all of that might soon change.
“On ‘The Scoop Live’ podcast, Frank Chaparro recently spoke to Fidelity Digital Assets’ president, Tom Jessop, to talk about ... support for Ethereum, and the application of Blockchain technology in the tokenization of traditional assets.”https://t.co/h6vpnxL7D4
Indeed, the institutional cryptocurrency trading platform, which is operated by US-based financial services firm Fidelity, may roll out support for Ether next year, Jessop said. However, Jessop also said that support for ETH would only truly be considered if the company’s clients show sufficient interest.
“We've done a lot of work on Ethereum. We intend to support it in the New Year,” Jessop explained, adding that “we're very led by our clients.”
Fidelity's sole support of BTC may have kept it from "truly competing" with other institutional platforms
The Block's Celia Wan wrote that some have argued that the fact that FDAS only supports Bitcoin has "kept FDAS from truly competing with crypto-native firms like Coinbase and BitGo."
Indeed, the addition of ETH support could bring FDAS into closer competition with services like Coinbase Pro and BitGo, which also offers institutional trading and custody services in multiple digital assets. However, Fidelity would have quite a bit of catching up to do in terms of the number of assets offered; for example, Coinbase Pro offers trading in Bitcoin Cash, Stellar Lumens, XRP, Dash, and other Cryptocurrencies.
Still, it could be argued that FDAS' proximity to institutional clients involved in Fidelity's other branches could offer FDAS an advantage when it comes to onboarding new investors and traders.
Fidelity has shown doubts around the stability of crypto in the past, but Jessop belives that “many of these things solve themselves with time”
FDAS isn’t designed to serve retail investors--rather, the company primarily serves institutional clients: hedge funds, pensions, endowments, family offices, and other kinds of institutional investors.
In October, Kathleen Murphy, who is the president of personal investing at Fidelity Investments, toldCNBC that Fidelity generally does not offer cryptocurrencies on any of its retail trading platforms in order to protect retail clients.
“While we embrace crypto in terms of trying to understand it and be innovative and thoughtful… We’re also very careful about where we offer those types of things, so they’re not offered broadly on the retail platform,” she said. “We want to be very careful about making sure that investors who really aren’t institutional investors [...] don't make a mistake with cryptocurrency.”
In Jessop’s recent interview, he also said that the lack of regulatory clarity, price volatility, and well-established track record had kept Fidelity Digital Assets away from exploring the support of Ethereum and other cryptocurrencies so far.
"How do I know that if I buy this thing, it's gonna be around tomorrow?” he asked. “Like, what indication of durability or longevity do I have based on the fact that the history of this asset is 10 years old?"
However, Jessop added that “I think many of these things solve themselves with time.”
Competition heats up between institutional trading platforms
The announcement that Fidelity may add support for ETH next year comes at a time when institutional crypto trading platforms are competing for what seems to be a smaller pool of investors than many in the cryptosphere seem to have expected.
However, in a recent interview, Tagomi’s Marc Bhargava told Finance Magnatesthat a new wave of institutional capital could crash into crypto in 2020 with the dawn of “big tech” in the cryptosphere.
“I think that this next 2020 wave of ‘institutional’ investors is really these large tech firms,” he said in an interview with Finance Magnates. “And I think that down the road, you definitely will see more from the traditional asset managers–right now, we see more of the family offices who have broader discretionary ability to invest in things, or funds that are primarily hedge funds run by a couple parts.”
When Fidelity Digital Assets (FDAS) was launched in early 2019, offering custody services and tools for institutional traders and investors, the firm’s services started and ended with the support of Bitcoin. However, FDAS president Tom Jessop told The Block’s Frank Chaparro that all of that might soon change.
“On ‘The Scoop Live’ podcast, Frank Chaparro recently spoke to Fidelity Digital Assets’ president, Tom Jessop, to talk about ... support for Ethereum, and the application of Blockchain technology in the tokenization of traditional assets.”https://t.co/h6vpnxL7D4
Indeed, the institutional cryptocurrency trading platform, which is operated by US-based financial services firm Fidelity, may roll out support for Ether next year, Jessop said. However, Jessop also said that support for ETH would only truly be considered if the company’s clients show sufficient interest.
“We've done a lot of work on Ethereum. We intend to support it in the New Year,” Jessop explained, adding that “we're very led by our clients.”
Fidelity's sole support of BTC may have kept it from "truly competing" with other institutional platforms
The Block's Celia Wan wrote that some have argued that the fact that FDAS only supports Bitcoin has "kept FDAS from truly competing with crypto-native firms like Coinbase and BitGo."
Indeed, the addition of ETH support could bring FDAS into closer competition with services like Coinbase Pro and BitGo, which also offers institutional trading and custody services in multiple digital assets. However, Fidelity would have quite a bit of catching up to do in terms of the number of assets offered; for example, Coinbase Pro offers trading in Bitcoin Cash, Stellar Lumens, XRP, Dash, and other Cryptocurrencies.
Still, it could be argued that FDAS' proximity to institutional clients involved in Fidelity's other branches could offer FDAS an advantage when it comes to onboarding new investors and traders.
Fidelity has shown doubts around the stability of crypto in the past, but Jessop belives that “many of these things solve themselves with time”
FDAS isn’t designed to serve retail investors--rather, the company primarily serves institutional clients: hedge funds, pensions, endowments, family offices, and other kinds of institutional investors.
In October, Kathleen Murphy, who is the president of personal investing at Fidelity Investments, toldCNBC that Fidelity generally does not offer cryptocurrencies on any of its retail trading platforms in order to protect retail clients.
“While we embrace crypto in terms of trying to understand it and be innovative and thoughtful… We’re also very careful about where we offer those types of things, so they’re not offered broadly on the retail platform,” she said. “We want to be very careful about making sure that investors who really aren’t institutional investors [...] don't make a mistake with cryptocurrency.”
In Jessop’s recent interview, he also said that the lack of regulatory clarity, price volatility, and well-established track record had kept Fidelity Digital Assets away from exploring the support of Ethereum and other cryptocurrencies so far.
"How do I know that if I buy this thing, it's gonna be around tomorrow?” he asked. “Like, what indication of durability or longevity do I have based on the fact that the history of this asset is 10 years old?"
However, Jessop added that “I think many of these things solve themselves with time.”
Competition heats up between institutional trading platforms
The announcement that Fidelity may add support for ETH next year comes at a time when institutional crypto trading platforms are competing for what seems to be a smaller pool of investors than many in the cryptosphere seem to have expected.
However, in a recent interview, Tagomi’s Marc Bhargava told Finance Magnatesthat a new wave of institutional capital could crash into crypto in 2020 with the dawn of “big tech” in the cryptosphere.
“I think that this next 2020 wave of ‘institutional’ investors is really these large tech firms,” he said in an interview with Finance Magnates. “And I think that down the road, you definitely will see more from the traditional asset managers–right now, we see more of the family offices who have broader discretionary ability to invest in things, or funds that are primarily hedge funds run by a couple parts.”
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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